#ChartoftheDay: Banks had an Average Monthly Reserve of N10.21 Trillion in 2021
The average monthly reserve held by banks in Nigeria summed up to N10.21 trillion as of November 2021. The total reserve for the eleven months was N112.27 trillion.
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#ChartoftheDay: N26.17 Trillion was Unbanked in 2021
N26.17 trillion was the total figure of unbanked money in Nigeria from January to November 2021. This figure was the amount of money circulating in the Nigerian economy for various transactions that is not accounted for by the country’s banking system.
Using Fintech to Reduce Financial Exclusion in Nigeria
Insufficient bank branches, high banking fees, stringent identity verification, and financial illiteracy are some of the identified causes of financial exclusion in Nigeria.