Digital finance now reaches 64.4% of Nigerian adults, exclusion falls to 21%
- EFInA's 2026 survey says 79% of Nigerian adults, about 94.2 million people, now use a financial product or service.
- Digital financial services use rose from 45% in 2023 to 64.4% in 2026, while exclusion fell from 26% to 21%.
- The survey also found most adults are not financially healthy, with formal credit at 10% and insurance at 5%.
More Nigerians now have a way to save, send and receive money than three years ago, according to a new national survey. The 2026 Access to Financial Services in Nigeria study by Enhancing Financial Innovation and Access (EFInA) found that 79 per cent of adults, about 94.2 million people, used at least one financial product or service.
Formal financial inclusion, meaning use of services from banks and other regulated providers, rose to 73 per cent from 64 per cent in 2023. The share of adults with no financial access at all fell to 21 per cent from 26 per cent over the same period.
Digital channels drove much of the change. The proportion of adults using digital financial services climbed from 45 per cent in 2023 to 64.4 per cent in 2026, EFInA said.
What it means for everyday Nigerians
The shift shows up in small, daily transactions. A driver can collect a fare and buy fuel without leaving the road. A trader can pay a supplier from her stall. A family can send money to a relative in another state in seconds rather than making the trip.
Payment companies such as OPay, which started in Nigeria in 2018, offer transfers, bill payments, savings, cards and merchant services through mobile phones. The company said more than 99 per cent of transactions started on its app in the first half of 2026 went through on the first try, and that it had over one million merchants and businesses on its network as of June 2026. It also said 99 per cent of its Nigerian workforce is local. These are company figures, not independently verified.
EFInA's findings suggest access alone is not enough. Three out of every four adults were classified as not financially healthy. Formal credit reached only 10 per cent of adults, and insurance just 5 per cent. In other words, many people can move money but few can borrow safely or protect themselves against sudden costs.
EFInA Chief Executive Officer Foyinsolami Akinjayeju has urged providers and policymakers to judge progress by what access lets people do, not by the number of accounts opened.
What happens next
Regulation will shape the next stage. The Central Bank of Nigeria (CBN) has set ATM guidelines requiring card issuers to provide at least one machine for every 7,500 cards, with full compliance due by 2028. Its Payments System Vision 2028 aims for a secure, inclusive and connected payments system.
For customers, the practical tests remain simple: transfers that arrive on time, clear answers when they don't, and protection from fraud.
