FINANCIAL INCLUSION RISES, BUT MILLIONS REMAIN VULNERABLE

Nigeria’s formal financial inclusion rate has risen to 73 per cent in 2026, exceeding the national target, but millions of adults remain financially vulnerable, a new survey has shown.

The 2026 Access to Financial Services in Nigeria Survey, conducted by Enhancing Financial Innovation & Access and weighted by the National Bureau of Statistics, found that only 30.7 per cent of formally included adults were financially healthy.

The survey estimated that about 60.4 million adults were either financially vulnerable or coping financially despite having access to formal financial services.

Overall financial inclusion, which covers both formal and informal channels, increased to 79 per cent from 74 per cent in 2023 and 68 per cent in 2020.

Formal inclusion reached about 87.2 million adults, up from 64 per cent in 2023 and 56 per cent in 2020.

The survey was based on 18,679 interviews conducted across Nigeria’s 36 states and the Federal Capital Territory between April and June 2026.

The findings suggest that access to financial services has expanded significantly, but access alone has not translated into financial stability for a large share of the population.

The report highlights the need for policies and financial products that improve people’s ability to manage income, build savings and withstand financial shocks.