EFInA Survey Reveals 61% of Nigerians in Financial Distress

The 2026 Access to Financial Services (A2F) Survey, released by Enhancing Financial Innovation and Access (EFInA) on September 17 in Abuja, indicates that 61% of Nigerian adults are experiencing severe financial distress. Despite a rise in access to formal financial services, the survey shows that financial inclusion has not improved financial outcomes for many Nigerians.

Among adults facing financial shocks, 71.6% resorted to fragile coping methods, while only 13.8% employed protective strategies. EFInA Chief Executive Officer Foyinsolami Akinjayeju reported that 51.2% of farmers encountered financial shocks, with 76% of those left in residual distress.

Financial exclusion decreased to 21% nationally, but 53% of adults in the lowest wealth bracket remain excluded. Mobile money usage surged to 38% in 2026, while formal savings rose to 53%.

However, formal credit and insurance participation remained low at 10% and 5%, respectively. Sanusi Lamido Sanusi warned against reversing economic reforms, which could hinder progress.