Nigeria has made measurable progress in bringing more adults into the formal financial system. According to the ninth Access to Financial Services in Nigeria (A2F) Survey released by Enhancing Financial Innovation & Access (EFInA), 79% of Nigerian adults now use a financial product or service.
Formal financial inclusion stood at 73%, surpassing the 70% target set under the National Financial Inclusion Strategy. This marks a significant step forward from previous survey rounds and reflects the combined effects of mobile money growth, agent banking expansion, and policy efforts over recent years.
Key findings from the A2F Survey
• Overall financial inclusion: 79% of adults
• Formal inclusion: 73%
• Digital financial services usage: 64.4% of adults (up from 45% in earlier surveys)
EFInA Board Chair Dr Agnes Olatokunbo Martins highlighted an important limitation of pure administrative data: “A2F tells the story of the person behind those numbers.” She cautioned against designing products or policies around an “average” Nigerian, noting that needs vary significantly by income level, gender, geography, and age.
In a keynote delivered on behalf of Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Dr Aisha Isa-Olatinwo underscored the survey’s value for policy-making. The Governor’s message was clear: the focus must now shift beyond simple access.
“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.”
EFInA CEO Foyinsolami Akinjayeju pointed to the rapid rise in digital financial services while sounding a note of caution: three out of four Nigerians are still not financially healthy. She called for clearer targets that measure real impact and financial well-being alongside access metrics.
Why this matters
Higher inclusion numbers are positive, but access alone does not guarantee better outcomes. Many Nigerians still face barriers around cost, reliability of services, trust in providers, and the ability to use financial tools productively (saving, investing, managing risk, or building credit). The gap between account ownership/usage and actual financial health remains a central policy and industry challenge.
For fintechs, banks, mobile money operators, and regulators, the data reinforces several priorities:
• Design products that work for different segments rather than a one-size-fits-all approach
• Improve reliability and reduce friction in digital services
• Build trust through transparency, consumer protection, and better complaint resolution
• Track and report financial-health indicators, not just enrolment numbers
Looking ahead
The latest EFInA A2F Survey provides a useful baseline. Continued progress will depend on sustained infrastructure investment (especially in underserved areas), better product design, stronger consumer protection, and policies that prioritise usage and outcomes over pure access statistics.
As Nigeria works toward deeper and more meaningful financial inclusion, the shift from “having an account” to “improving financial health” will be the real test.
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