The road to building a healthy financial lifestyle requires developing financial intelligence which can be achieved through financial information advantage which ultimately leads to making informed and conscious financial decisions. Financial Information Advantage is the superiority of access that comes from using information to its full potential and it is the gateway to successfully transform the way you manage and leverage financial information.
In a survey published by the Central Bank of Nigeria titled “Nigeria Financial Literacy Baseline Survey”, it was stated that financial illiteracy among Nigerians living in urban areas was at 31% in 2015. Another report by the Apex bank showed that 46% of the adult population (i.e 45.4m) indicated that there is a dearth of information and lack of proper sensitization on available financial products and services thereby hindering the ability to make informed financial decision while 40.2% (i.e 39.6m) indicated that the information available is not reliable. It is safe to say that the average Nigerian adult is not adequately equipped to make real-time financial decisions and that cripples their wealth creation potential.
According to the Nigerian Financial Inclusion Strategy document, financial inclusion is achieved when adults (persons who have attained 18 years and above) have access to a broad range of formal financial services that meet their needs and are provided at an affordable cost. The financial services include, but are not limited to, payments, savings, loans, insurance and pension products. The National Financial Inclusion Strategy aims to reduce the financial exclusion rate from 46.3% in 2010 to 20% by 2020. Specifically, adult Nigerians with access to payment services is to increase from 21.6% in 2010 to 70% in 2020, while those with access to savings should increase from 24.0% to 60%; and credit from 2% to 40%, Insurance from 1% to 40% and Pensions from 5% to 40%, within the same period.
Additionally, the Nigerian Financial inclusion Strategy includes a National Financial Literacy Framework to increase awareness and understanding of financial products and services, with the ultimate goal of increasing sustainable usage. It is no gainsay that Financial inclusion in Nigeria is based on the National Financial Inclusion Strategy (NFIS). The NFIS is supported by existing regulatory structures provided by the financial services regulatory institutions, other relevant government agencies, self- regulatory organisations and key players in the informal sector.
In a bid to feel the financial inclusion pulse of the nation, we conducted a survey during a thesis validation of one of our portfolio companies. We arrived at a conclusion that – Information risk alongside lack of democratized access to consumer financial services and products are the biggest threats to financial inclusion in Nigeria. This conclusion strengthened the mission for Evesting to provide a solution that empowers every Nigerian to make informed financial decisions that suit their lifestyles.
#1 Consumer financial marketplace in Nigeria.
Evesting is a digital financial marketplace that provides consumers access to open financial products and wealth management services aggregated from a wide array of esteemed financial service providers. Evesting does not actually create financial products itself instead it serves as a pathway to financial products offered by financial service providers thereby demystifying accessibility to financial products and services
Evesting currently aggregates a growing list of more than one hundred (100) savings, loans, insurance, micro pensions and other financial products. The goal for us is to create a middle market for consumers to find and compare these financial products and guide them to make informed decisions. The journey to last-mile financially inclusive Nigeria is a long one, we hope to carry you along.
We are excited to announce and introduce our latest portfolio company out of the studio.