Nigeria’s Financial Exclusion Falls to 21% as Formal Inclusion Rises to 73% — Advocacy Group
Nigeria’s financial landscape is showing signs of wider inclusion, with the number of adults excluded from formal financial services falling from 26 per cent in 2023 to 21 per cent in 2026, while formal financial inclusion rose from 64 per cent to 73 per cent.
The figures are contained in the Access to Financial Services in Nigeria, A2F 2026 Survey, unveiled in Abuja by Enhancing Financial Innovation and Access, EFINA, a financial advocacy organisation working to improve access to financial services across the country.
For a trader trying to grow a small business, a farmer seeking credit, a young person looking for a secure way to save, or a woman who needs access to insurance and other financial services, the figures represent more than percentages. They reflect whether people can actually participate in an increasingly digital and formal economy.
Speaking at the unveiling, Chairman of the EFINA Board, Dr. Agnes Martins, said the organisation was established to help build a financial system that works for Nigerians, particularly people who remain excluded or underserved.
She said EFINA works with government, regulators, financial service providers and development partners to generate evidence and support innovation that can improve financial inclusion.
According to Martins, EFINA’s flagship A2F survey, which began in 2008, provides a nationally representative, demand-side picture of the financial lives of Nigerian adults, helping stakeholders understand the people behind the numbers rather than relying solely on administrative records of accounts and transactions.
The 2026 edition, the ninth in the series, examines Nigerians’ access to and use of formal financial services, including banking, mobile money, insurance, pensions and credit.
Martins said while access remains important, EFINA’s 2024–2029 strategy places greater emphasis on usage, quality and impact, urging stakeholders to use the evidence from the survey to shape policies, partnerships and investments capable of moving Nigerians “from access to opportunity.”
Presenting the findings, EFINA Chief Executive Officer, Foyin Sholami Hakinjayeju, said the reduction in financial exclusion and rise in formal inclusion showed measurable changes in the country’s financial access landscape.
President Bola Tinubu, represented by the Technical Adviser to the President on Economic and Financial Inclusion, Dr. Zauro Nurudeen, commended EFINA for the survey, describing it as a public-good infrastructure that has supported policy-level decision-making.
Nurudeen said the report would help amplify “some of those good, positive and intentional decisions” taken by the Tinubu administration.
Also speaking, the CBN Governor, Mr. Olayemi Cardoso, represented by Dr. Aisha Olatiwon, said evidence from the survey was indispensable for policy design, market development, consumer protection and effective targeting of reforms.
The Deputy Head of Mission of the Embassy of the Federal Republic of Germany, Mr. Jonas Lehn, said Nigeria was adopting a new approach to broadening economic growth and inclusion, with particular attention to women and the agricultural sector.
The event was held under the theme, “Access, Opportunities, Growth: Advancing Financial and Economic Inclusion for All Nigerians.”
