Nigeria's Financial Inclusion Reaches 79% of Adults

Nigeria just hit a milestone that affects 160 million people: financial exclusion dropped to just 21%, meaning 79% of adults now have access to banks, mobile money, or other formal financial services.

The latest survey from Enhancing Financial Inclusion and Advancement shows dramatic progress since 2008, when the organization first started tracking these numbers. Mobile money drove much of the recent growth, jumping from 12% usage in 2023 to 38% in 2026.

Nigerians are using their phones to pay bills, buy goods, and receive money, not just send transfers. Digital finance usage overall reached 64%, up from 47% three years ago. People are also saving more formally, with 53% now using banks or mobile accounts to store money, compared to 38% in 2023.

The survey reached 18,679 adults across Nigeria between April and June, with support from the National Bureau of Statistics. Questionnaires were translated into major Nigerian languages and Pidgin English to ensure everyone could participate.

But the progress isn't reaching everyone equally. Among the poorest 20% of Nigerians, 53% still lack access to any formal financial services. In the wealthiest group, only 1% remain excluded.

Cash still dominates in rural areas, especially for farmers. About 92% of agricultural workers receive their pay in cash, and more than half of farmers who faced financial emergencies relied on coping strategies that left them worse off afterward.

The Ripple Effect

Financial inclusion does more than let people open bank accounts. It helps families save for emergencies, pay school fees on time, and access credit to grow small businesses. When someone can receive payments digitally instead of traveling hours to collect cash, they save time and transportation costs that can go toward other needs.

The survey found gaps beyond access too. While more Nigerians can now move and store money, only 10% have access to formal credit and just 5% have insurance. Pension participation sits at 9%. These services help people plan for the future and protect against unexpected costs, but they're not yet reaching most Nigerians.

Researchers emphasized that going completely digital would leave too many people behind. Connectivity varies widely across regions, and smartphones aren't universal yet. The financial system needs multiple pathways to truly serve everyone.

Nigeria's 17-year tracking record provides rare long-term insight into how financial systems evolve in developing economies. The data helps banks, policymakers, and development organizations understand where services work and where gaps remain.

Seventy-nine percent inclusion marks real progress, but the final stretch to reach the poorest communities may be the hardest part of the journey.