It appears that there is more money outside the bank than there is within the system.

The Lagos Business School conducted a study that showed that 43% of Nigerians are financially excluded.

In its financial inclusion report, which was launched in Lagos on Thursday, the LBS noted that only 49% of Nigerians owned bank accounts.

It said 8% of Nigerians owned a mobile money account, while 36% used informal financial tools.

While commenting on the findings of the study, the Academic Director, LBS, Dr Olayinka David-West, who also leads the Sustainable and Inclusive Digital Financial Services initiative, said this was an indication that Nigeria was not on track to achieving its financial inclusion target by 2020.

Also Read: Also Read: Dapchi Girls: It's A Lie No Ransom Was Paid, Nigeria Tells UN

The LBS, in the key findings of the customer segmentation study, stated that a broader community engagement was essential to driving financial inclusion in Nigeria.

It said there was a need for unconventional methods for on-boarding financially-excluded persons, such as the use of livestock ownership as collateral for financing, among others.

Also watch: Ubi Franklin - I've Spent Over 4 Million Dollars On Instant Pick-Up

“Six customer segments of financially excluded persons were identified. These are vulnerable believers, which amount to 12% of the population, resilient savers (21%), dependent individualists (22%), digital youth (19%), confident optimists (14%), and sceptical cultivators (12%),” the report said.

David-West noted that limited knowledge of customers was one of the many challenges of financial service providers.

According to her, this limitation often resulted in the misidentification of customers’ needs.

Don't forget to share this article with your friends