EFInA: Financial Inclusion Hits 79%, Digital Finance Drives Access
Nume Ekeghe Nigeria’s financial inclusion rate has risen to 79 per cent, representing about 94.2 million adults, as the rapid expansion of digital financial services continues to draw more Nigerians
Nigeria's financial inclusion rate has surged to 79 per cent, encompassing approximately 94.2 million adults, according to the Access to Financial Services in Nigeria (A2F) Survey conducted by Enhancing Financial Innovation and Access (EFInA). The survey, unveiled in Lagos, revealed that formal financial inclusion has risen to 73 per cent, equating to 87.2 million adults, positioning Nigeria ahead of the 70 per cent benchmark set under the National Financial Inclusion Strategy.
A significant factor behind this growth is the accelerated expansion of digital financial services, with 64.4 per cent of Nigerian adults now utilizing digital financial services, up from 45 per cent in 2023 and 34 per cent in 2020. The findings were presented at an event attended by government officials, regulators, financial institutions, development partners, and civil society organizations, under the theme "Access.
Opportunity. Growth: Advancing Financial and Economic Inclusion for All Nigerians." EFInA's Board Chair, Dr Agnes Olatokunbo Martins, emphasized that the survey not only reveals account and transaction numbers but also provides insights into the individuals behind those statistics. Dr Aisha A. Isa-Olatinwo, Director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria (CBN), underscored the survey's significance in informing policy design, market development, consumer protection, and targeting reforms.
CBN Governor, Mr Olayemi Cardoso, shifted focus from merely opening accounts to ensuring meaningful usage, affordability, reliability, safety, trust, and a measurable improvement in financial health. Omolola Oloworaran, DG of the National Pension Commission, highlighted the insufficient pension coverage, with just 9.1 per cent of Nigerians covered for retirement.
She called for EFInA's involvement in a pension inclusion model, stressing that mere account opening does not equate to pension inclusion. EFInA's Research Lead, Dr Oluwatomi Eromosele, stressed the need for precision in reaching underserved areas, transforming existing financial relationships into avenues for credit, protection, investment, and economic opportunity.
Member of EFInA, Amb. Nimi Akinkugbe, stressed that the true measure of the survey's impact will be the changes it brings about in the lives of Nigerians, particularly highlighting the gender disparities and the need for inclusive economic growth.
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