It is raining bank accounts in the millions in Nigeria.

According to Nigeria Inerbank Settlement System, NIBSS, every month, one million bank accounts are created in Nigeria.

A great percentage of these accounts are opened by people who already have multiple bank accounts, but according Mr Niyi Ajao who is the Managing Director of NIBSS, this also points to the fact that more Nigerians are now bringing their money to the keep in the banks – a process called financial inclusion.

According to Ajao, Nigeria’s financial inclusion rate increased to 63.6% from 45.4% recorded in 2016.

Ajao made the disclosure at the launch of the 2018 Financial Inclusion Survey by Enhancing Financial Innovation and Access (EFInA) on Tuesday in Lagos.

He said with the rise in the rate, the efforts of stakeholders in the financial industry were beginning to pay off.

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Ajao, however, said that there was need to do more if the country would meet the 20% exclusion rate by 2020.

According to the survey, 63.6% of Nigeria’s adult population of 99.6 million have access to financial services, while 36.4%, equalling 36.6 million of the adult population are financially excluded.

Out of the 36.6 million adult population that are financially excluded, 55.9% are women, while 44.1% are men.

The survey also showed that 39.7% of the population are banked.

Ajao said that NIBSS, which holds data for the banking industry, had recorded up to one million new accounts being opened in banks on a monthly basis.

He noted that majority of the new accounts were opened by people who already had accounts.

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