A recent survey carried out by FinMark Trust through the i2i initiative, in partnership with EFInA, reveals that some Nigerian households are beginning to experience reduced income, lower food consumption, and reduced access to financial and health services following the onset of the COVID-19 epidemic and related lockdowns.
14 per cent of adult Nigerians report the inability to access medicine in the week prior to April 8, mainly due to lack of funds and unavailability of medicines.
However, the EFInA Access to Financial Services in Nigeria 2018 survey found that approximately 50 million adult Nigerians earn their income either daily or weekly, and movement restrictions have likely reduced income earning opportunities for some Nigerians.
The report further said that nearly half of Nigerian adults report at least one day in the week prior to April 8 in which a household member ate fewer meals because there was not enough food.
With the widespread use of mobile phones in Nigeria,85 per cent of adult Nigerians either own or have access to a mobile phone - digital financial services provide an opportunity to extend affordable, reliable solutions to Nigerian adults who are financially excluded.
