Nigeria Achieves 79% Financial Inclusion, Reports EFInA

The Enhancing Financial Inclusion and Advancement (EFInA) has announced a significant milestone in Nigeria’s financial landscape, with its latest Access to Financial Services in Nigeria (A2F) Survey indicating that 79% of adults are now engaged with financial products or services. This figure marks a notable achievement, particularly as formal financial inclusion has reached 73%, exceeding the 70% target established under the National Financial Inclusion Strategy.

Dr. Agnes Olatokunbo Martins, Chair of EFInA’s Board, emphasized the importance of the survey in revealing insights that administrative data alone cannot provide. She highlighted the necessity of understanding the individual stories behind the statistics, cautioning against a one-size-fits-all approach in financial service design. "The needs of individuals vary significantly based on income, gender, geography, and age," she remarked, urging stakeholders to consider these diverse factors when developing financial products.

In a keynote address delivered on behalf of Central Bank of Nigeria (CBN) Governor Olayemi Cardoso, Dr. Aisha Isa-Olatinwo underscored the survey's critical role in shaping financial policy. Cardoso pointed out that the challenge has evolved beyond merely increasing access to financial services; it now includes ensuring that these services are used meaningfully and are affordable, reliable, safe, and trustworthy. “We must measure improvement in financial health,” he stated, emphasizing the need for a comprehensive approach to financial inclusion.

EFInA's CEO, Foyinsolami Akinjayeju, further elaborated on the findings, noting that digital financial services have surged to reach 64.4% of adults, a significant increase from 45%. However, she raised a concerning point that three out of four Nigerians are still not financially healthy, calling for the establishment of targets that assess both access and the impact of financial services on users’ lives.