ABUJA, Oct. 30 (Xinhua) -- Nigeria's central bank said Wednesday that at least 33.9 million people have remained excluded from the financial system.
On the sidelines of a program held to celebrate the 2024 World Savings Day in the capital of Abuja, Ibrahim Yahaya, acting head of the Central Bank of Nigeria (CBN)'s consumer protection department, told reporters that the apex bank has recorded progress in the financial inclusion rate, with 54.2 million Nigerians having formal bank accounts in 2023.
An estimated 32 percent, or 33.9 million people, however, were excluded from the financial system entirely, Yahaya said. He called for a culture of savings across all age groups, especially the youth, saying that deposits in the banking industry had been increasing.
"There is a persistent sentiment that income is never enough to meet immediate needs, which affects the ability to save," the central bank official said.
He said the CBN had identified the practice of saving to broader economic benefits, noting that savings contribute to bank deposits, which in turn, fuel lending to the real sector, a common driver of economic growth.
