Access to formal credit in Nigeria has increased to 10 per cent of adults, marking significant growth from previous survey levels but ldults are now formally included in the financial system, up from 64 per cent in 2023. Overall financial inclusion, including both formal and informal services, has reached 79 per cent, representing more than 94 million adults.

The 2026 A2F Survey is the ninth edition of the nationwide research, which has been conducted since 2008 to track how Nigerians access and use financial services. EFInA describes the survey as a major source of demand-side data on financial inclusion in the country.

While formal financial participation has expanded, EFInA’s findings show that formal borrowing remains relatively limited.

Only 10 per cent of adults borrow formally, compared with 53 per cent who save formally. EFInA said the figures highlight a widening gap between Nigerians’ ability to save through formal institutions and their access to appropriate formal credit when they need it.

The finding comes as many households and businesses continue to face pressure from rising living costs and income uncertainties, increasing the importance of access to affordable credit for both consumption and productive activities.

However, the survey indicates that a significant share of formal borrowing is being used to manage immediate financial pressures rather than finance businesses or other productive investments.

EFInA reported that 40.8 per cent of formal borrowing was used for coping or consumption purposes. The organisation said the pattern raise

Women also recorded improvements in formal financial inclusion, although the gains remain uneven.

Formal financial inclusion among women business owners increased from 68 per cent in 2023 to 76 per cent in 2026, while the figure for women farmers rose from 43 per cent to 54 per cent.

Despite the broader progress, EFInA’s data shows a continuing gender gap in lending. Men accounted for 74 per cent of loan disbursements in the survey’s credit data, compared with 26 per cent for women. The organisation also reported that women had a higher average loan value despite receiving fewer disbursements.

The expansion of financial inclusion has also not been evenly distributed geographically.

Urban Nigerians continue to have greater access to formal financial services than their rural counterparts, reflecting persistent differences in infrastructure, income, digital access and proximity to financial institutions.

EFInA’s latest findings therefore suggest that increasing the number of people with access to financial services is only part of the challenge. The quality, affordability and usefulness of those services are becoming increasingly important.

The organisation said 73 per cent of adults are formally included, but only about 31 per cent of formally included adults are considered financially healthy, while 70.1 per cent report ongoing financial or welfare stress.

Formal savings have expanded considerably, rising from 38 per cent in 2023 to 53 per cent in 2026. Formal credit, however, remains at 10 per cent.

The difference suggests that Nigerians are increasingly participating in the formal financial system but do not have comparable access to formal borrowing facilities.

EFInA’s findings also show that insurance remains particularly weak, reaching only about five per cent of adults. The organisation said households continue to rely heavily on savings, assets and social networks to cope with financial shocks.

The survey found that 62 per cent of adults would find it very difficult to raise emergency money, while only 36 per cent have savings or assets capable of covering at least two months of expenses.

The latest figures point to progress in Nigeria’s financial inclusion drive, but they also highlight a broader challenge: moving from simply bringing people into the financial system to ensuring that financial services help households and businesses withstand shocks, invest, grow and improve their long-term financial security.