Nigeria’s financial inclusion rate has risen to 79 per cent, representing about 94.2 million adults, according to the latest Access to Financial Services in Nigeria (A2F) Survey by Enhancing Financial Innovation and Access (EFInA).

The survey also showed that formal financial inclusion increased to 73 per cent, equivalent to about 87.2 million adults, exceeding the 70 per cent target set under the National Financial Inclusion Strategy.

Digital financial services were identified as a major driver of the expansion, with 64.4 per cent of Nigerian adults now using digital financial services, compared with 45 per cent in 2023 and 34 per cent in 2020.

The findings were presented under the theme, “Access. Opportunity. Growth: Advancing Financial and Economic Inclusion for All Nigerians,” at an event attended by government officials, regulators, financial institutions, development partners and civil society organisations.

Board Chair of EFInA, Dr Agnes Olatokunbo Martins, said the survey provided insights into the experiences of Nigerians that could not be captured through administrative data alone.

She cautioned against relying solely on national averages when designing financial inclusion policies, noting that financial needs differ according to income, gender, location, age and economic activity.

In a keynote address delivered on behalf of the Central Bank of Nigeria Governor, Olayemi Cardoso, Director of Consumer Protection and Financial Inclusion, Dr Aisha A. Isa-Olatinwo, said the survey findings were important for policy design, market development, consumer protection and targeting reforms.

She said the focus should move beyond opening accounts and expanding access points to ensuring meaningful usage, affordability, reliability, safety, trust and improved financial health.

The Director-General of the National Pension Commission, Omolola Oloworaran, also noted an increase in pension participation from eight per cent of adults in 2023 to 9.1 per cent.

She said the increase remained insufficient, noting that roughly nine out of every 10 Nigerians were still not covered for retirement.

EFInA Research Lead, Dr Oluwatomi Eromosele, said the nature of Nigeria’s financial inclusion challenge had changed, requiring greater focus on reaching underserved populations, converting financial access into credit, insurance and investment opportunities, and improving economic resilience.

EFInA member, Amb. Nimi Akinkugbe, said the ultimate measure of the survey would be whether the findings resulted in changes in how resources were allocated and interventions implemented.

She also highlighted gender disparities, noting that although formal inclusion gaps between men and women were relatively modest in