Nigeria unlikely to meet 80 financial inclusion target in 2020 efina

According to a report by the Enhancing Financial Innovation & Access (EFInA), Nigeria is unlikely to meet its target of achieving 80% financial inclusion by 2020. The report, which was released in 2020, highlighted several challenges that are hindering the country's progress towards achieving this goal.

Some of the key challenges identified in the report include:

1. Limited access to financial services: Many Nigerians, particularly in rural areas, lack access to basic financial services such as bank accounts, credit, and savings.
2. High costs: Financial services are often expensive, making it difficult for low-income individuals to access them.
3. Limited financial literacy: Many Nigerians lack the knowledge and skills to manage their finances effectively, which can make it difficult for them to use financial services wisely.
4. Limited infrastructure: Nigeria's financial infrastructure is still developing, which can make it difficult for people to access financial services.
5. Corruption: Corruption is a significant challenge in Nigeria, and it can make it difficult for people to access financial services.

To address these challenges, the EFInA report recommended several strategies, including:

1. Increasing access to financial services: This can be achieved by increasing the number of financial institutions and agents, as well as by improving the availability of financial services in rural areas.
2. Reducing costs: Financial institutions can reduce costs by using technology and other innovative solutions to deliver financial services.
3. Improving financial literacy: Financial institutions and other organizations can provide financial education and training to help people manage their finances effectively.
4. Improving infrastructure: The government and other stakeholders can invest in improving Nigeria's financial infrastructure, including the development of payment systems and other financial technologies.
5. Addressing corruption: The government and other stakeholders can work to address corruption by implementing policies and regulations that promote transparency and accountability.

Overall, while Nigeria faces significant challenges in achieving its financial inclusion target, there are many opportunities for improvement. By addressing these challenges and implementing effective strategies, Nigeria can make progress towards achieving its goal of 80% financial inclusion by 2020.