The rural space is home to 53 percent ofNigeria's population and more than 70 percent of itspoor. While it is well understood in Nigeria that financialexclusion of the rural population stunts development, stillfewer than 2 percent of rural households have access to anysort of institutional finance. Access to financial servicesis a key ingredient to rural development:it increasesincomes through productive investment, helps createemployment opportunities, facilitates investments in healthand education, and reduces the vulnerability of the poor byhelping them to smooth their income patterns over time.Alack of rural access to financial services not only retardsrural economic growth, but also increases poverty andinequality.While Nigeria's own long history withrural finance shows a clear appreciation for the importanceof rural access, the persistent absence of sustainableaccess yields important lessons for the future.
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