By NGOBUA JOHNNIE, Abuja
Nigeria’s financial exclusion rate has fallen to 21 per cent, but exclusion remains significantly higher among people with lower incomes, according to the 2026 Access to Financial Services in Nigeria (A2F) Survey by Enhancing Financial Innovation and Access (EFInA).
The report, launched in Abuja on Wednesday September 16, found that 53 per cent of adults in the poorest wealth quintile remained financially excluded, compared with just one per cent among those in the richest quintile.
It also showed that almost half of financially excluded Nigerians were among the poorest 20 per cent of the population, highlighting the continued link between poverty and limited access to formal financial services.
EFInA said the findings showed that although more Nigerians were participating in the formal financial system, increased access had not translated into improved financial outcomes at the same pace.
The 2026 survey assessed financial inclusion beyond access, examining financial health, resilience, consumer experience, economic activity and the ability of Nigerians to cope with financial shocks.
The A2F Survey, conducted biennially since 2008, is a major source of demand-side data on financial inclusion in Nigeria. The 2026 edition follows previous surveys conducted in 2008, 2010, 2012, 2014, 2016, 2018, 2020 and 2023.
Presenting the findings, EFInA Chief Executive Officer, Foyinsolami Akinjayeju, said the organisation conducted the survey with the support of the National Bureau of Statistics.
She said the survey covered adults aged 18 and above, with 18,679 people interviewed out of a target of 18,950, representing a 98 per cent response rate.
According to her, the data collection was conducted between April and June, with supervision from the National Bureau of Statistics.
Akinjayeju said the survey was designed to provide headline indicators at the national, regional and state levels, with respondents selected to ensure broad representation across states.
The survey recorded a sharp increase in the use of digital financial services, which rose from about 47 per cent in 2023 to 64 per cent in 2026. Mobile money usage also increased more than threefold, rising from 12 per cent in 2023 to 38 per cent in 2026.
EFInA said Nigerians were increasingly using mobile money for everyday transactions, including bill payments, purchases, transfers and receiving money.
However, cash remained important, particularly among some groups. The report noted that 92 per cent of agricultural workers still received their payments in cash.
The organisation said differences in smartphone access, internet connectivity and digital skills meant that a completely digital-only approach to financial inclusion would be premature.
Savings increase, credit and insurance remain low
Formal savings increased from 38 per cent in 2023 to 53 per cent in 2026, the survey found.
However, formal credit remained at 10 per cent, while insurance penetration stood at five per cent and pension participation at about nine per cent.
EFInA said the figures indicated that the financial system was helping Nigerians to move and store money more effectively than it was helping them finance livelihoods or manage risks.
The survey also found persistent weaknesses in financial resilience, with 61 per cent of Nigerian adults experiencing severe liquidity distress.
It said debt stress had also increased, while 71.6 per cent of adults who experienced financial shocks relied on fragile or erosive coping mechanisms.
Only 13.8 per cent used protective or adaptive coping mechanisms to deal with financial shocks.
The survey also found that 51.2 per cent of farmers experienced a financial or economic shock.
Among farmers who experienced such shocks, 52.2 per cent relied on erosive coping mechanisms, while 76 per cent experienced residual distress.
EFInA said the findings highlighted the need to strengthen the link between agricultural finance, savings, credit, insurance, climate adaptation and livelihood protection.
The survey also examined financial inclusion among women, business owners and young Nigerians.
It found that formal financial inclusion among women business owners increased from 67.5 per cent to 76.3 per cent, while inclusion among women farmers rose from 42.7 per cent to 53.6 per cent.
However, financial exclusion among dependent women increased to 52.2 per cent.
EFInA said the findings showed that women should not be treated as a single group when developing financial inclusion policies and products.
Consumer experience remains a concern. The report also examined consumers’ experiences with financial service providers, including communication, customer support, service timeliness and fraud education.
EFInA said increased participation in the financial system did not automatically guarantee an equitable customer experience.
Akinjayeju said demand-side evidence was important for understanding how Nigerians interact with the financial system.
She described the survey data as an important source for regulators, financial service providers and development organisations seeking to assess the impact of financial inclusion.
She said the latest survey went beyond measuring access to examine what Nigerians were able to achieve through financial services.
EFInA said the 2026 A2F Survey was intended to shift the financial inclusion debate from simply measuring access to examining how financial services affect Nigerians’ economic lives and ability to withstand financial shocks.
