Access to Financial Services in Kaduna State Deep Dive
EFINA
Enhancing Financial Innovation & Access
Kaduna State Financial Inclusion: Nearly 2 in 5 (1.5 million) adults use
formal financial services
38% Formally served
These four strands are mutually exclusive
62% Formally excluded
Formal Informal
Banked
other only
33%
5% 7%
1.3m
0.2m 0.3m
4.1m
Financially excluded
55%
2.3m
Banked: adults who have access to or use of deposit money bank, in addition to having/using a traditional banking products such as ATM card,
credit card, savings account, current account, fixed deposit account, mortgage, overdraft, loan from a bank or Islamic banking products
Formal other all adults who have access to or use of other formal institutions and financial products not supplied by deposit money banks
including insurance companies, microfinance bank, pension schemes or shares. It also include remittance through formal channels
Informal only: all adults who do not have any banked or formal other products but have access to or use only informal services and products.
This includes savings clubs/pools, esusu, ajo or money lenders; as well as remittance through informal channels such as transport service or
recharge card
ā Financially excluded: adults who are not in the banked, formal other or informal only categories even though the person may be using or have
access to any of the following loan/gift from friends or family and loan from employers as well as remittances via a family member or friend
Source: EFINA Access to Financial Services in Kaduna State 2020 Survey 12View entire presentation