Nigeria's Financial Inclusion Reaches 73% in 2026 Survey

In 2026, Nigeria achieved a formal financial inclusion rate of 73%, exceeding the 70% target set by the National Financial Inclusion Strategy (NFIS). Despite this progress, approximately 60.4 million adults remain financially vulnerable, with only 30.7% of those included being financially healthy.

The findings come from the 2026 Access to Financial Services in Nigeria (A2F) Survey conducted by Enhancing Financial Innovation & Access (EFInA) and weighted by the National Bureau of Statistics (NBS). The survey, which included 18,679 adults across all 36 states and the Federal Capital Territory, was conducted between April and June 2026.

While formal financial inclusion rose from 64% in 2023 and 56% in 2020, the increase in access has not led to proportional improvements in financial health. Formal credit use increased to 10% of adults, but remains below the NFIS target of 40%.

Insurance and pension coverage are significantly lower, with formal insurance penetration at 5.2% and pension participation at 9%. The survey also indicated that trust in financial providers is crucial for continued usage of formal services.