HomeEconomy61% Of Nigerians Under Severe Financial Distress, EFInA Report
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61% Of Nigerians Under Severe Financial Distress, EFInA Report

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More than six in 10 Nigerian adults remain trapped in severe financial distress despite a significant rise in financial inclusion, a new survey by Enhancing Financial Innovation & Access (EFInA) has found.

The 2026 Access to Financial Services in Nigeria (A2F) Survey examined how Nigerians participate in the financial system, how well they withstand economic shocks and how they manage financial pressure.

It found that 61% of adults are struggling with liquidity pressures, even as the country’s overall financial inclusion rate rose to 73% and exclusion fell to 21%.

However, EFInA warned that greater access to financial services is not translating into stronger financial resilience at a matching pace.

Debt Stress And Coping Strategies Widen The Gap

The survey found that 71.6% of adults who experienced a financial shock relied on fragile or erosive coping mechanisms, including borrowing money, selling assets or cutting essential spending. Only 13.8% adopted protective or adaptive strategies instead.

EFInA said that while borrowing or selling assets can help households survive an immediate emergency, such measures can weaken their capacity to withstand future shocks, raising issues about whether expanding financial access is helping Nigerians recover from shocks without leaving them more vulnerable.

Farmers were among the groups facing the sharpest exposure: 51.2% reported experiencing a financial shock, and of those affected, 52.2% turned to erosive coping mechanisms while 76% still reported residual financial distress afterward.

Financial exclusion is also becoming increasingly concentrated among Nigeria’s poorest households.

The survey found that 53% of adults in the poorest wealth quintile remain financially excluded, compared with just 1% in the richest quintile, and that almost half of all financially excluded Nigerians come from the poorest fifth of the population.

Digital Growth Outpaces Credit And Insurance

Digital financial services grew significantly, with usage rising from about 47% to 64%. Mobile money usage more than tripled, from 12% in 2023 to 38% in 2026, with EFInA noting it is increasingly used for bill payments and purchases, not just transfers.

Even so, cash remains dominant in several sectors — 92% of agricultural workers still receive payments in cash, underlining the continued importance of cash-based transactions and financial agents in rural and agricultural communities.

Formal savings grew faster than other financial products, rising from 38% to 53%, while formal credit stayed flat at 10%. Insurance uptake stood at 5%, and pension participation at about 9%.

Women recorded gains in some categories: formal financial inclusion among women business owners rose from 67.5% to 76.3%, and among women farmers from 42.7% to 53.6%.

However, exclusion among dependent women — those without independent income sources — rose to 52.2%, pointing to persistent gaps within different categories of women.

EFInA said the 2026 A2F Survey was designed to look beyond simple access metrics and examine what financial inclusion actually enables Nigerians to achieve, including their ability to finance livelihoods, manage risk and withstand economic shocks.

The organisation said the findings are intended to guide policymakers, regulators, financial service providers and development partners in strengthening households’ financial resilience, not just their access to financial products.

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