Nigeria's Formal Credit Access Hits 10% in 2026 Survey

The 2026 Access to Financial Services in Nigeria Survey, conducted by Enhancing Financial Innovation and Access (EFInA) in collaboration with the National Bureau of Statistics, reveals that formal credit access in Nigeria has nearly doubled to 10%. This increase reflects a broader shift towards formal financial services, particularly among women business owners, whose financial inclusion rose from 67.5% to 76.3%, and women farmers, whose inclusion increased from 42.7% to 53.6%.

The survey, which included over 18,600 interviews across all 36 states and the Federal Capital Territory between April and June 2026, indicates that formal financial inclusion has reached 73%, equating to approximately 87.2 million adults. Moniepoint emphasized the need for cash flow-based lending models to enhance credit access for underserved entrepreneurs.

The survey also highlighted trust as a critical factor in the use of financial services, with 96.9% of adults trusting their providers engaging in transactions within 90 days, compared to 65.6% among those who do not trust their providers.