By Kehinde Ibrahim, Lagos
FINANCIAL inclusion landscape is showing signs of deeper integration in Nigeria as formal credit penetration nearly doubled to 10 per cent, while women entrepreneurs and farmers recorded notable gains in access to formal financial services, according to the 2026 Access to Financial Services in Nigeria (A2F) Survey by Enhancing Financial Innovation and Access (EFInA).
The findings, which provide fresh insights into how Nigerians save, borrow, make payments and manage financial risks, have been welcomed by financial technology company Moniepoint, which said the results reinforce the need for lending models that assess the cash flow and economic activity of businesses rather than relying predominantly on conventional collateral requirements.
The EFInA A2F Survey is a nationally representative assessment of financial access and usage among adult Nigerians and has served as a major benchmark for measuring financial inclusion in the country since 2008.
The 2026 edition, conducted in partnership with the National Bureau of Statistics (NBS), covered all 36 states of the federation and the Federal Capital Territory. More than 18,600 adults were interviewed between April and June 2026, making the survey one of the most extensive assessments of financial behaviour and access to financial services in Nigeria.
According to the survey, formal financial inclusion has risen to 73 per cent, representing an estimated 87.2 million adults. Formal credit penetration also increased to 10 per cent, almost twice the level recorded in 2023.
The survey recorded particularly significant improvements among women involved in business and agriculture. Formal financial inclusion among women business owners increased from 67.5 per cent to 76.3 per cent, while the proportion of women farmers with access to formal financial services rose from 42.7 per cent to 53.6 per cent.
Moniepoint said the figures underscored the importance of developing financial products and credit assessment systems capable of reaching groups that have traditionally faced difficulties accessing formal lending.
The company said its cash-flow-based lending model was designed around the financial activities of businesses, allowing credit decisions to take into account how enterprises generate and manage revenue rather than depending primarily on physical collateral.
It argued that expanding such alternative approaches across the financial sector could help sustain the growth in formal credit and contribute to Nigeria’s efforts to increase credit penetration under the National Financial Inclusion Strategy.
Beyond access itself, the survey highlighted trust as an important determinant of how Nigerians use financial services.
According to the findings, 96.9 per cent of adults who expressed trust in their financial service providers had carried out a financial transaction within the preceding 90 days. This compared with 65.6 per cent among those who did not trust their providers, representing a gap of 31.3 percentage points.
The findings suggest that increasing financial inclusion will require more than expanding the number of people with access to bank accounts, digital platforms or credit facilities. Sustained usage, reliability and confidence in financial institutions are also critical to ensuring that newly included consumers remain active participants in the formal financial system.
Moniepoint’s Co-Founder and Group Chief Executive Officer, Tosin Eniolorunda, said the survey’s findings were consistent with the company’s experience in providing financial services to individuals and businesses.
Eniolorunda said trust remained fundamental to ensuring that greater access translated into meaningful participation in the financial system.
He said, “EFInA’s institutional work has since 2008 shown, survey after survey, that access to financial services means little without trust. Undergirding this trust is the firm belief that the system was built with ordinary Nigerians in mind, and as we have seen, trust, once broken, is not easily restored.
“Building that trust has been central to how we operate at Moniepoint, and the results bear this out: 83 per cent of our users report an improved quality of life, and 85 per cent report greater confidence in achieving their financial goals.”
According to him, the figures demonstrate the relationship between financial confidence and the broader economic wellbeing of individuals and households.
“These figures reflect a direct correlation between financial happiness and quality of life, a firm evidence that when trust is established and access is paired with reliability, people are able to manage their finances with greater confidence and build more stable economic lives.
“This remains central to our work, and to the role we intend to play in advancing financial inclusion across Nigeria. We welcome the launch of the 2026 A2F Survey and the insight it will bring to this work, and we remain committed to closing the trust gap that continues to stand between millions of Nigerians and full financial participation,” he added.
Delivering a goodwill message on behalf of Moniepoint at the launch of the survey, the company’s Vice President of Corporate Affairs, Edidiong Uwemakpan, described the A2F Survey as a key reference point for understanding the state of financial inclusion in Nigeria and across Africa.
Uwemakpan said the survey provides financial institutions, technology companies and policymakers with evidence that could help them identify underserved groups and develop more targeted interventions.
She said, “By showing us where and why Nigerians are left behind, EFInA has challenged fintechs, commercial banks and policymakers not just to expand access, but to design with deliberate intention.”
She stressed the importance of translating the survey’s findings into practical measures that could improve access to financial services, particularly for entrepreneurs and other groups that remain underserved by the formal financial system.
The latest A2F findings come at a time when Nigeria’s financial sector is undergoing significant changes, including rapid growth in digital payments, the expansion of fintech services and renewed efforts to improve access to formal credit.
Although the rise in formal credit penetration represents progress, the 10 per cent level also highlights the scale of the challenge confronting the country. A large proportion of individuals and small businesses still operate outside formal lending channels, limiting their ability to access capital needed to expand businesses, invest in productive activities and withstand economic shocks.
Women-owned businesses and agricultural enterprises remain particularly important areas for intervention because of their potential contribution to employment, household income and broader economic activity.
Moniepoint said the latest survey would inform the next phase of its lending strategy, with particular attention to entrepreneurs and women operating in trade and agriculture.
The company also said collaboration among fintech firms, banks, regulators and other stakeholders would be necessary to translate the data into sustainable financial inclusion outcomes.
Uwemakpan summed up the company’s position by saying, “Data provides the compass, but collective execution builds the road.”
She added that Moniepoint would continue to work with EFInA and financial sector regulators to develop solutions aimed at expanding access to formal credit and other financial services for entrepreneurs across Nigeria.
The 2026 A2F Survey therefore provides both evidence of progress and a reminder of the substantial work that remains. While the increase in formal inclusion and credit access indicates that more Nigerians are entering the formal financial system, the continuing gap in credit penetration and the strong influence of trust show that access alone will not be sufficient.
For Nigeria to achieve deeper and more sustainable financial inclusion, the next phase will depend increasingly on whether financial institutions can convert access into meaningful usage, affordable credit, reliable services and greater economic opportunities for households and businesses that have historically remained on the margins of the formal financial system.
