EFInA: 2026 Financial Exclusion Report Nigeria Reveals Progress, Persistent Poverty Gaps

• Nigeria's financial exclusion rate has decreased to 21 percent, according to the 2026 Access to Financial Services in Nigeria (A2F) Survey by EFInA.
• Financial exclusion remains highly concentrated among the poorest populations, with 53 percent of the lowest wealth quintile still excluded compared to 1 percent of the richest.
• Digital finance usage in Nigeria surged from 47 percent in 2023 to 64 percent in 2026, driven by a tripling of mobile money use to 38 percent.
• Despite digital growth, cash and financial agents remain important, and disparities in access to smartphones, connectivity, and digital skills persist across different groups.
• The biennial EFInA survey provides over 17 years of longitudinal data, serving as a key resource for policymakers and regulators like the Central Bank of Nigeria.

The latest EFInA 2026 financial exclusion report Nigeria reveals a significant reduction in the number of adults outside the formal financial system, with the national exclusion rate now standing at 21 percent.

The latest EFInA 2026 financial exclusion report Nigeria reveals a significant reduction in the number of adults outside the formal financial system, with the national exclusion rate now standing at 21 percent. This positive trend, however, is tempered by a growing concentration of financial exclusion among the nation's most economically vulnerable populations. The findings, released by Enhancing Financial Inclusion and Advancement (EFInA) in Abuja, underscore both progress and persistent challenges in broadening financial access.

Despite the overall decline in exclusion, the report highlights a stark disparity: 53 percent of adults in the poorest wealth quintile remain financially excluded, a stark contrast to just 1 percent in the richest quintile. This suggests that while more Nigerians are engaging with formal financial services, the benefits are not uniformly distributed. Concurrently, the Access to Financial Services in Nigeria Survey 2026 indicates a robust expansion in Nigeria digital finance usage 2026, with mobile money adoption experiencing a substantial surge.

A deeper analysis of the EFInA 2026 financial exclusion report Nigeria indicates that nearly half of all financially excluded individuals belong to the poorest 20 percent of the population. This strong correlation between poverty and lack of access to formal financial services presents a critical challenge for inclusive growth. The report emphasizes that increased participation in the formal financial system has not yet translated into commensurate improvements in financial outcomes for many Nigerians.

Beyond mere access, the 2026 survey delves into broader aspects of financial well-being, assessing financial health, resilience against economic shocks, consumer experience, and the ability of Nigerians to manage their finances effectively. This comprehensive approach aims to provide a more nuanced understanding of how individuals utilize both formal and informal financial tools to meet daily needs, plan for future emergencies, and safeguard their economic futures.

The Access to Financial Services in Nigeria Survey 2026 documents a remarkable increase in Nigeria digital finance usage 2026, which climbed from approximately 47 percent in 2023 to 64 percent in 2026. This expansion is largely driven by the burgeoning adoption of mobile money services, which more than tripled from 12 percent in 2023 to 38 percent in 2026. Nigerians are increasingly leveraging mobile money for a variety of everyday transactions, including bill payments, purchases, and receiving funds, in addition to traditional transfers.

Despite the rapid advancements in digital financial services, the report notes that cash and financial agents continue to play a vital role in the financial ecosystem. Furthermore, disparities persist in access to essential digital infrastructure, such as smartphones and internet connectivity, as well as in digital literacy across different demographic groups. These variations suggest that while Nigeria mobile money growth 2026 is impressive, a significant portion of the population still faces barriers to fully participating in the digital economy.

The Access to Financial Services in Nigeria Survey 2026 represents the latest installment in a biennial series initiated in 2008 by Enhancing Financial Inclusion and Advancement (EFInA), offering over 17 years of longitudinal data on financial inclusion trends. This extensive dataset serves as a crucial resource for financial service providers, development organizations, and key regulatory bodies, including the Central Bank of Nigeria (CBN), the National Insurance Commission (NAICOM), and the National Pension Commission, informing their strategies and policy decisions related to CBN financial inclusion data Nigeria.

For the 2026 edition, EFInA collaborated with the National Bureau of Statistics on the survey's design, ensuring robust methodology. The sampling approach aimed for equal representation across most states, with minor adjustments for design effects, enabling the generation of headline indicators at state, regional, and national levels. The survey targeted adults aged 18 and above, achieving an impressive 98 percent response rate from 18,679 interviewed individuals out of a target of 18,950. Data collection occurred between April and June, under the supervision of the National Bureau of Statistics, with questionnaires available in English, major Nigerian languages, and Pidgin English, ensuring broad accessibility and accurate data capture.

This report offers crucial insights for financial service providers and fintechs in Nigeria, indicating potential regulatory priorities for the Central Bank of Nigeria (CBN) and other bodies. Lawyers should advise clients on adapting business strategies and ensuring compliance with evolving policies aimed at leveraging digital finance responsibly and inclusively, particularly concerning the persistent exclusion of low-income populations and the rapid expansion of mobile money.

Source: Original reporting via EFInA's 2026 A2F Survey