Nigeria hits 73% financial inclusion target, but 60.4 million adults remain vulnerable

Nigeria's financial inclusion rate reached 73% in 2026, surpassing the 70% target set by the National Financial Inclusion Strategy (NFIS). However, just 30.7% of adults who have access to formal financial services are considered financially healthy, leaving around 60.4 million adults either financially vulnerable or simply managing.

The Access to Financial Services in Nigeria (A2F) Survey, conducted by EFInA and validated by the National Bureau of Statistics (NBS), interviewed 18,679 adults across all 36 states and the Federal Capital Territory (FCT), achieving 98% of its intended sample size. Between April and June 2026, the survey revealed that while financial inclusion rose to 79% from 74% in 2023 and 68% in 2020, formal financial inclusion increased to 73%, representing approximately 87.2 million adults, up from 64% in 2023 and 56% in 2020.

While financial access has expanded, financial health and resilience have not kept pace. The survey found that formal credit usage stood at around 10% of adults, or 11.9 million people, up from 6% in 2023, but still far below the NFIS target of 40%. Notably, the types of borrowing shifted significantly between 2023 and 2026, with coping and consumption borrowing now leading productive enterprise borrowing by 6.5 percentage points, a 15 percentage point change.

Financial insurance coverage remains far behind banking and payment access, with only 5.2% of adults (6.2 million) holding formal insurance and about 9% participating in pension schemes. Inequality in inclusion gains is evident across geography, income levels, education, and gender. Trust plays a crucial role in the continued use of formal financial services, with 96.9% of consumers who trust their provider having used it in the last 90 days, compared to 65.6% among those who distrust their provider.

Nigeria has made significant strides in bringing adults into formal financial systems but has lagged behind in providing products that enhance long-term financial security. The survey highlights fraud control, reliability, transparent pricing, data protection, and effective complaints resolution as key factors for sustained and meaningful financial inclusion.