Nigeria’s financial inclusion landscape has grown, with the percentage of people using formal financial services increasing from 45 per cent in 2006 to 51 per cent in 2023.
Ibrahim Yahaya, Acting Head of the Consumer Protection Department, Central Bank of Nigeria (CBN) made the disclosures at the Financial Literacy Fair in commemoration of the 2024 World Savings Day in Abuja on Wednesday.
He noted that financial inclusion has increased significantly over the years and it should be encouraged. “Savings have improved significantly if you look at it from the deposit side. Deposit in the banking industry has been on the increase over time”
Yahaya said it was important to promote the habit of formal savings to address future eventualities and to help grow the economy.
“Savings that you have in the bank are part of deposits and lending. Lending drives economic growth. What we have as deposits is what the banks use to lend out, especially to the real sector that drives economic growth.
“Savings is important, it should be taken as a habit. If you say you need to have plenty before you save, then you will never do it. But if you take it as a habit, keep something aside, no matter the challenges, you will see the importance tomorrow.”
He noted that the main objective of World Savings Day was to promote the importance of savings, instil the culture of savings among the youth and emphasize the importance so that they grow up with discipline.
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