Nigeria has a population of 168.8 million, and accounts for 47% of West Africa’s population. With a GDP of USD 459.6 billion, Nigeria is both the continent’s most populous and most productive country. However, 68% of Nigerians live on less than USD 1.25/day.
A large portion of the population in Nigeria, about 46.3%, is still unbanked. The Central Bank of Nigeria launched the National Financial Inclusion Strategy in October 2012, which aims to reduce the financial exclusion rate to 20% by 2020, and ensures that a clear agenda is set for increasing access to and use of financial services by 2020.
Nigeria is still in the top three countries in Sub-Saharan Africa in terms of the greatest number of greenfield microfinance banks (MFBs). However, large state and even multi-state MFBs have still found it difficult to transform into national MFBs, although the path towards transformation was delineated in 2010.