Nigeria’s financial inclusion reaches 79% — EFInA

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By Matthew Johnson

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The Enhancing Financial Inclusion and Advancement (EFInA) has released its ninth Access to Financial Services in Nigeria (A2F) Survey, showing that 79% of Nigerian adults use a financial product or service.

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Formal inclusion reached 73%, exceeding the 70% target under the National Financial Inclusion Strategy.

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EFInA’s Board Chair, Dr Agnes Olatokunbo Martins, said the survey shows what administrative data cannot, noting that A2F tells “the story of the person behind those numbers.”

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She cautioned against designing for an average as needs differ by income, gender, geography and age.

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In a keynote speech delivered on behalf of CBN Governor, Olayemi Cardoso, Dr Aisha Isa-Olatinwo said the survey is vital to policy.

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Cardoso said: “The policy challenge before us is therefore no longer simply to open accounts or expand access points. It is to ensure meaningful usage, affordability, reliability, safety, trust and measurable improvement in financial health.”

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EFInA CEO, Foyinsolami Akinjayeju, said digital financial services reached 64.4% of adults, up from 45%.

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She noted that “three out of four Nigerians are not financially healthy,” calling for targets to measure impact alongside access.

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