Nearly four in five Nigerian adults now use a financial product, yet three-quarters remain financially broke. The ninth Access to Financial Services in Nigeria survey, released in Abuja by Enhancing Financial Inclusion and Advancement on Tuesday, revealed that national financial inclusion reached 79% in 2026. That figure represents roughly 94.2 million adults, while formal inclusion hit 73%, comfortably beating the 70% target set by the National Financial Inclusion Strategy. Mere access to a digital ledger does not create household wealth. Chief executive Foyinsolami Akinjayeju cautioned that opening bank accounts has failed to shield citizens from severe economic shocks.
The headline expansion rests almost entirely on the rapid spread of mobile payment rails and neighbourhood agency networks. Digital financial services surged to 64.4% of the adult population, climbing steeply from 45% in 2023 and just 34% six years ago. Nigerians have embraced mobile wallets to settle daily trades, pay utility bills, and send household remittances across domestic borders. Cash still dominates informal market stalls, but phones now move the bulk of daily retail volume. Access alone cannot buy dinner. Central Bank Governor Olayemi Cardoso conceded through his consumer protection director, Aisha Isa-Olatinwo, that regulators must look beyond account creation to build actual financial health.
Sharp regional and demographic chasms continue to mock the national aggregates. Formal inclusion stands at 85% across wealthy cities, but rural agricultural communities crawl far behind at just 58%. Women face persistent barriers to credit, registering a formal inclusion rate of 67% against the higher national average. The divide widens in remote northern farm belts where branch infrastructure remains non-existent, and internet bandwidth falters. Unfunded ledgers offer no safety net. National Pension Commission director-general Omolola Oloworaran warned that only 9.1% of workers hold retirement savings, leaving nine in ten adults without old-age cover.
Former central bank chief Sanusi Muhammadu Sanusi observed that the financial pyramid has inverted since 2008, when exclusion stood at nearly 80%. Yet runaway inflation now devours whatever small balances citizens scrape together in digital apps. Cash held in deposit accounts continues to lose purchasing power faster than bank software can calculate ledger interest. EFInA research lead Oluwatomi Eromosele argued that policy must now shift toward converting transaction channels into productive credit and crop insurance. Bank apps cannot defeat poverty without cheap working capital and stable prices.
Central bankers in Abuja face the difficult task of turning transaction volume into genuine economic security. Reaching 94 million accounts proves that commercial fintech platforms can build payment pipes quickly. It does not prove that ordinary households are building savings, acquiring assets, or borrowing at rates they can afford. Monetary authorities must now force lenders to disburse affordable credit to micro-enterprises rather than harvest transfer fees from cashless transactions. Without sustained price stability and real business credit, financial inclusion remains an empty administrative victory.