Nigeria’s financial inclusion drive is expanding access to formal financial services, but a new survey shows that access is yet to translate into adequate long-term financial security for most Nigerians.
The 2026 Access to Financial Services in Nigeria survey by Enhancing Financial Innovation and Access revealed that overall financial inclusion increased to 79 percent, up from previous levels. However, only 9.1 per cent of Nigerian adults had formal pension coverage, leaving roughly nine out of every 10 adults without a formal pension arrangement.
The figures highlight a widening gap between having access to financial services and actually using them to build financial resilience. While more Nigerians are entering the formal financial system, pensions, insurance and formal credit remain significantly underused.
The survey found that only five percent of adults had insurance coverage, while formal credit reached just 10 per cent. Financial health also improved from 16 per cent in 2023 to 25 percent in 2026, meaning three out of four adults were still classified as financially unhealthy.
For Nigeria’s largely informal workforce, the pension gap presents a particular challenge. Traders, farmers, artisans, drivers and workers in the digital economy often operate outside traditional employer-based pension arrangements, making consistent retirement savings more difficult.
The National Pension Commission said ‘the expansion of pension coverage would require more than simply opening accounts. It called for approaches including digital onboarding, pension agent, distribution, transaction based savings and other models capable of encouraging informal sector workers to contribute regularly’.
The challenge therefore goes beyond financial access. As more Nigerians gain access to bank accounts and digital financial services, the next test for policymakers and financial institutions will be whether that access can translate into sustained savings, insurance protection and retirement security.
Nigeria’s financial inclusion story is growing, but the latest figures suggest that access is only the beginning; meaningful and consistent use of financial services remains the bigger challenge.