Nigeria's Financial Exclusion Rate Drops to 21%

A new report by Enhancing Financial Inclusion and Advancement (EFInA) shows that Nigeria's financial exclusion rate has dropped to 21 percent. But the report reveals that the gap is mainly among people with fewer economic resources.

This information comes from the 2026 Access to Financial Services in Nigeria (A2F) Survey, which EFInA launched in Abuja on Wednesday.

The report states that 53 percent of adults in the poorest wealth group are still financially excluded. In contrast, only 1 percent of those in the wealthiest group face the same issue.

It also highlights that nearly half of the financially excluded Nigerians belong to the poorest 20 percent of the population. This points to a growing link between poverty and the lack of access to formal financial services.

EFInA noted that while more Nigerians are using formal financial services, this does not mean they are seeing better financial results at the same rate. The 2026 survey looked deeper into financial inclusion, focusing on financial health, resilience, customer experience, economic activity, and people’s ability to handle financial shocks.

The A2F Survey has been done every two years since 2008. It is a key source of data on how Nigerians access financial services. The survey tracks how people use both formal and informal financial services for their daily needs, planning for emergencies, securing their futures, and managing financial stress.

EFInA explained that the 2026 edition follows earlier surveys done in 2008, 2010, 2012, 2014, 2016, 2018, 2020, and 2023. This gives over 17 years of consistent data.

The organization said the survey gathers both financial and non-financial data that help financial service providers, development agencies, policymakers, and regulators such as the Central Bank of Nigeria (CBN) and the National Pension Commission.

While presenting the report findings on Wednesday, Foyinsolami Akinjayeju, EFInA's Chief Executive Officer, mentioned that they got support from the National Bureau of Statistics for the survey design.

She explained that the sampling was mostly balanced across states. "Most states have the same sample size, for the most part. We adjusted slightly in some cases to account for design effects. This allows for indicators to be available at the state, regional, and national levels," she said.

Mrs Akinjayeju added that they surveyed adults aged 18 and above, achieving a 98 percent response rate. "Our target was 18,950 respondents, and we managed to interview 18,679. So, that’s about a 98 percent response rate," she said. She explained that the collection of data took place from April to June and was supervised by the National Bureau of Statistics.

The questionnaire was in English but translated into major Nigerian languages and Pidgin English.

The survey showed a major rise in digital financial services use. Digital finance usage jumped from about 47 percent in 2023 to 64 percent in 2026. Mobile money use also saw significant growth, increasing from 12 percent in 2023 to 38 percent in 2026.

EFInA reported that Nigerians are using mobile money more for everyday transactions like bill payments, purchases, and receiving money, along with transfers. But cash and financial agents still play a big role. Access to smartphones, connectivity, and digital skills still vary across different groups.

For example, 92 percent of agricultural workers said they still get their payments in cash. EFInA pointed out that relying solely on digital solutions for financial inclusion might be too early.

The survey also indicated that formal savings increased from 38 percent in 2023 to 53 percent in 2026. But formal credit stayed at 10 percent, insurance coverage was at five percent, and pension participation was about nine percent.

EFInA said these numbers suggest a financial system that helps Nigerians move and store money better than it helps them finance their livelihoods or manage risks.

"This matters because financial inclusion is increasingly about what people can achieve with financial services, not just whether they have access to them," EFInA said.

The survey also revealed ongoing weaknesses in financial resilience. It found that 61 percent of Nigerian adults are in severe financial distress, and debt stress is on the rise.

Among adults who faced financial shocks, 71.6 percent used weak or damaging coping methods, while only 13.8 percent turned to protective or adaptive strategies. EFInA explained that weak coping strategies can help families survive immediate emergencies but make them less able to handle future problems.

These findings raise concerns about whether financial services are truly helping Nigerians bounce back from setbacks without making them more vulnerable.

The survey found that 51.2 percent of farmers went through a financial or economic shock. Among those farmers, 52.2 percent relied on harmful ways to cope, while 76 percent still faced distress.

EFInA said these results link agricultural finance more closely with savings, credit, insurance, adapting to climate change, and protecting livelihoods.

The survey also looked at financial inclusion for women, business owners, and young people. Formal financial inclusion among women business owners rose from 67.5 percent to 76.3 percent. Inclusion among women farmers increased from 42.7 percent to 53.6 percent.

But, exclusion among dependent women grew to 52.2 percent. EFInA stressed that women should not be treated as a single group when creating financial inclusion policies and products.

The survey also evaluated how consumers experience financial service providers, focusing on communication, customer support, service timing, and fraud education. EFInA noted that just because more people are involved in financial services does not mean they have a fair experience.

EFInA's leader said understanding how Nigerians engage with the financial system is important. "Demand-side evidence at this scale is national economic infrastructure. Nine rounds have given Nigeria a continuous record of how households behave through reform, shock, and recovery," Ms Akinjayeju said.

She added that the latest survey goes further by looking at what financial inclusion achieves economically. "I expect regulators, providers, and partners to set their own targets against what it shows," she said.

EFInA said the A2F 2026 Survey aims to shift the conversation on financial inclusion from just measuring access to what that access allows Nigerians to achieve.