Digital financial services usage in Nigeria has risen from 47 per cent to 64 per cent, while financial exclusion has dropped to 21 per cent, the 2026 Access to Financial Services in Nigeria (A2F) Survey by Enhancing Financial Innovation and Advancement (EFInA) has revealed.
The survey, released in Abuja, also showed that mobile money usage more than tripled from 12 per cent in 2023 to 38 per cent in 2026, as Nigerians increasingly use digital platforms to send and receive money, pay bills and make purchases.
Despite the growth, cash and financial agents remain important, with access to smartphones, connectivity and digital skills still uneven. The survey found that 92 per cent of agricultural workers continue to receive their payments in cash.
Financial exclusion also remains concentrated among poorer Nigerians. While overall exclusion fell to 21 per cent, 53 per cent of adults in the poorest wealth quintile remain excluded, compared with one per cent in the richest quintile. Almost half of financially excluded Nigerians are in the poorest 20 per cent.
Among middle-wealth adults, exclusion stood at 16 per cent in both rural and urban areas, indicating that economic circumstances can be as important as geography.
Formal savings increased from 38 per cent to 53 per cent, but formal credit remained at 10 per cent, insurance at five per cent and pension participation at 9.1 per cent.
The figures point to a financial system that is increasingly helping Nigerians save and move money, but with limited access to credit, insurance and other services that can support livelihoods and manage financial risks.
Financial resilience remains a concern, with 61 per cent of adults in severe liquidity distress and debt stress increasing.
Among adults who experienced shocks, 71.6 per cent relied on fragile or erosive coping mechanisms, compared with 13.8 per cent who used protective or adaptive mechanisms.
Farmers were particularly vulnerable, with 51.2 per cent reporting a shock. Of those exposed, 52.2 per cent relied on erosive coping mechanisms, while 76 per cent experienced residual distress.
Among women, formal inclusion increased from 67.5 per cent to 76.3 per cent among business owners and from 42.7 per cent to 53.6 per cent among farmers. However, exclusion among dependent women rose to 52.2 per cent.
In his remarks, former Central Bank of Nigeria (CBN) Governor and Emir of Kano, Muhammad Sanusi II, called for economic policies that would ensure financial inclusion translates into improved household welfare and productive economic activity.
Sanusi said Nigeria had developed strong financial infrastructure through banking and fintech innovations, but needed to connect financial flows to the production of goods and services.
He said the financial system should facilitate the movement of capital from farmers to markets and manufacturers rather than encourage speculative activities.
The Emir also stressed the importance of macroeconomic stability, particularly price stability, in protecting savings and household wealth.
‘There is no enemy to savings, no enemy to wealth that is bigger than inflation,’ he said, urging the CBN to remain focused on its mandate of maintaining monetary and price stability.
Sanusi also advocated using financial transaction data to develop savings, insurance and pension products for low-income households and farmers.
He called for stronger coordination among financial regulators and greater consistency in agricultural and trade policies, warning that sudden policy reversals could undermine investments across agricultural value chains.
On financial exclusion in northern Nigeria, Sanusi said different regions face varying levels of economic and financial integration and therefore require policies tailored to their circumstances.
He also supported cash-transfer programmes and social protection measures that can help vulnerable households meet immediate needs while stimulating demand for locally produced goods and services.
Also speaking, the Director-General of the National Pension Commission, Omolola Oloworaran, said financial inclusion must go beyond access to accounts and focus on building resilience, security and long-term economic wellbeing.
Oloworaran said pension participation increased from 7.8 per cent of adults in 2023 to 9.1 per cent in 2026, but noted that about nine out of every 10 Nigerian adults remain outside formal pension arrangements.
She identified informal-sector workers, including traders, farmers, mechanics, drivers, tailors, hairdressers and digital-platform workers, as requiring greater attention.
She called for stronger pension components in future A2F surveys and research into incentives that could encourage informal workers to save regularly and sustain contributions.
‘These are the questions that move us from awareness to enrollment, from enrollment to regular contribution, and from contributions to real retirement security,’ she said.
EFInA Board Chairman, Dr Agnes Olatokunbo Martins, said the survey provides evidence on how Nigerians interact with the financial system and helps stakeholders identify barriers to greater financial and economic inclusion.
She said EFInA would continue working with government, regulators, financial institutions and development partners to support innovation and strengthen inclusive financial markets.