Access to finance is key to both individual and national economic growth. There are 64.9 million Bank Verification Numbers in Nigeria as of January 2025, from 44.5 million in 2021, a 45.8% increase in 3 years. The number of active bank accounts more than doubled in 3 years, from 133.5 million in 2021 to 311.5 million in 2025.
After releasing the Nigerian Financial Services Market report in 2023, we thought it necessary to examine the status of access to finance in the country. This is on the basis that access to finance is important to individuals’ economic growth, which in turn affects a nation’s economic growth.
Intelpoint partnered with Finance in Africa to understand how people are accessing financial services, the challenges, and everything in between. Here are the key chapters from the report:
The people
From interviewing over 3,000 people in Nigeria, the report presents comprehensive insights into the type of people with access to financial products and services and those without access. It also compares access to finance in 2022, from the Nigerian Financial Services Market report, and 2024.
One key figure:
- 88.8%: The share of the respondents who need a means of transportation to get to the closest financial institution.
Bank or MoMo account ownership
Here, we look at account ownership across age range, education level, and location, among others. This chapter also considers the share of people by the number of bank or MoMo accounts they maintain.
One key figure:
- 40.7%: The share of respondents who own at least 3 bank or MoMo accounts.
People without bank or MoMo accounts
This chapter examines the major reasons why people don’t own an account with a bank or MoMo operator. It also explores how they save their extra income and the financial products and services that people think they need.
One key figure:
- 79.2%: Share of people without a bank or MoMo account who plan to open one in 2025.
Agency banking usage
This chapter looks into how people are using agency banking to access financial services and the relationship between account ownership and agency banking usage. It also highlights the challenges with using agency banking.
One key figure:
- 58.6%: The share of people who consider high fees as the major challenge in accessing financial services through POS agents.
2025 outlook
This chapter gives a peek into what people plan to do in 2025 with respect to financial services: the kind of services they expect to use, and financial priorities, among others.
One key figure:
- 79.3%: The share of respondents who plan to use a new financial product/service in 2025.
Get the report here.