Abuja:A recent survey by Enhancing Financial Inclusion and Advancement (EFInA) reports that 79 percent of Nigerian adults, approximately 94.2 million people, are utilizing financial products or services.
According to News Agency of Nigeria, the 9th Access to Financial Services in Nigeria (A2F) Survey, shared by EFInA, indicates that formal financial inclusion has surpassed the National Financial Inclusion Strategy target, reaching 73 percent.
Dr. Agnes Martins, Board Chairman of EFInA, emphasized that the survey provides insights beyond what administrative data can reveal, as it focuses on the individuals behind the numbers. She highlighted the importance of understanding that financial service needs vary by factors such as income, gender, geography, age, and economic activity, cautioning against relying solely on national averages.
The survey also includes insights from Dr. Aisha Isa-Olatinwo, Director of Consumer Protection and Financial Inclusion at the Central Bank of Nigeria. She pointed out that the survey’s evidence is crucial for policy design and market development, stressing a focus on outcomes like meaningful usage and financial health rather than merely expanding access points.
Ms. Omolola Oloworaran, Director-General of the National Pension Commission, noted an increase in pension participation, rising to 9.1 percent from eight percent in 2023. She urged EFInA to collaborate with the commission to develop a pension inclusion model, emphasizing that merely opening an account does not equate to pension inclusion.
EFInA’s Chief Executive Officer, Ms. Foyinsolami Akinjayeju, reported that digital financial services now reach 64.4 percent of adults, marking significant growth from previous years. She associated digital financial service use with improved financial health, citing that 33 percent of digital users are financially healthy compared to 9.1 percent of non-users.
Dr. Oluwatomi Eromosele, EFInA’s Research Lead, highlighted the evolving nature of Nigeria’s financial inclusion challenges. She advocated for targeted action to address remaining gaps and emphasized turning existing financial relationships into pathways for financial security and resilience.