Nigeria’s financial inclusion reaches 79% — EFInA
Survey Shows High Financial Inclusion Among Nigerian Adults
By Matthew Johnson
The Enhancing Financial Inclusion and Advancement (EFInA) organization has released its ninth Access to Financial Services in Nigeria (A2F) Survey, indicating that 79% of Nigerian adults now utilize a financial product or service.
The survey reveals that formal financial inclusion has reached 73%, surpassing the 70% target set by the National Financial Inclusion Strategy.
Dr. Agnes Olatokunbo Martins, chair of EFInA’s Board, emphasized the importance of the survey, stating that it provides insights that administrative data cannot capture. “A2F tells the story of the person behind those numbers,” she noted, as she urged stakeholders to consider the diverse needs of consumers that vary by income, gender, geography, and age.
In a keynote address delivered on behalf of Central Bank of Nigeria Governor Olayemi Cardoso, Dr. Aisha Isa-Olatinwo highlighted the survey’s significance for policy formulation. Cardoso remarked, “The policy challenge before us is therefore no longer simply to open accounts or expand access points. It is to ensure meaningful usage, affordability, reliability, safety, trust, and measurable improvement in financial health.”
The survey also showed a significant increase in digital financial services usage, with 64.4% of adults now engaging with these platforms, a rise from 45% in previous measurements.
Despite these positive trends, EFInA CEO Foyinsolami Akinjayeju pointed out that “three out of four Nigerians are not financially healthy,” highlighting the need for targets that measure impact alongside access to financial services.
