EFInA survey finds 73% formal inclusion, but credit access stays at 10%
ReportMonday 19 October 2026
EFInA's ninth Access to Financial Services in Nigeria survey, released 16 September 2026, found 79% of adults use a financial product and 64.4% use digital financial services. Formal credit penetration stands at 10% nationally, showing that account ownership is still outpacing lending.
Account ownership is outpacing lending, so Nigerian banks and fintechs face a credit-underwriting problem rather than an access problem.
The 2026 Access to Financial Services in Nigeria survey finds 64.4% of adults use digital financial services. The financially excluded share fell to 21% from 26% in 2023.
The CBN and NITDA disclosed that only about 57-59% of financial institutions are ready for the January 2027 data localisation deadline, based on an industry survey. The regulator said it will consider banks' challenges while keeping the deadline in place.
Demand deposits at Nigerian banks rose by about $1.2 billion (N1.69trn) over three months, according to central bank data. Analysts linked the rise to bank securities purchases, private-sector lending and government borrowing.
CBN monetary statistics show net credit to government reached about $29 billion (N39.4trn) in September 2026, up 63.1% year on year. Private-sector credit rose 15.7% to about $62 billion (N83.9trn) over the same period.
Central Bank data show the average maximum lending rate rose to 32.62 percent even after the MPC cut the monetary policy rate to 23 per cent. Loan pricing moved against the policy direction, which matters for borrowers and lenders.
