EFInA Reports 79% of Nigerians Use Financial Products

Enhancing Financial Inclusion and Advancement (EFInA) released the ninth Access to Financial Services in Nigeria (A2F) Survey, indicating that 79% of Nigerian adults, approximately 94.2 million people, utilize financial products or services. Formal financial inclusion reached 73%, exceeding the 70% target set by the National Financial Inclusion Strategy.

The report was presented under the theme "Access. Opportunity.

Growth: Advancing Financial and Economic Inclusion for All Nigerians." Dr Agnes Olatokunbo Martins, Board Chair of EFInA, highlighted the survey's ability to reveal individual financial needs beyond administrative data. Dr Aisha A. Isa-Olatinwo, representing Central Bank of Nigeria Governor Olayemi Cardoso, emphasized the necessity of ensuring meaningful usage and improvement in financial health.

Ms Omolola Oloworaran, Director General of the National Pension Commission, noted a rise in pension participation from 8% to 9.1% but stressed that most Nigerians remain uncovered for retirement. Muhammadu Sanusi, Emir of Kano, also reflected on the findings.