Only 1 in 10 Nigerians Can Raise N156,000 in 7 Days Without Difficulty, EFInA Report Reveals
- Nigeria’s formal financial inclusion rate rose to 73% in 2026, but only 30.7% of formally included adults were financially healthy
- Only 10.6% of formally included Nigerians could raise N156,000 within seven days without difficulty
- More Nigerians are also borrowing for coping and consumption, while 45.8% of formal-credit users reported repayment stress
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Legit.ng journalist Victor Enengedi has over a decade's experience covering energy, MSMEs, technology, banking and the economy.
Only 10.6% of formally financially included Nigerian adults can raise N156,000 within seven days without difficulty, highlighting the gap between access to financial services and actual financial security.
This is contained in the 2026 Access to Financial Services in Nigeria (A2F) Survey by Enhancing Financial Innovation & Access (EFInA), weighted by the National Bureau of Statistics (NBS).
Source: UGC
The report showed that formal financial inclusion increased to 73% in 2026 from 64% in 2023 and 56% in 2020, surpassing the 70% target set under the National Financial Inclusion Strategy.
However, the rise in access has not translated into similar improvements in Nigerians' financial wellbeing.
Financial inclusion rises, but vulnerability remains
According to the survey, about 87.2 million Nigerian adults are now formally financially included. Overall financial inclusion, which covers both formal and informal access to financial services, also increased to 79% in 2026, compared with 74% in 2023 and 68% in 2020.
Despite the progress, only 30.7% of formally included adults were classified as financially healthy, leaving about 60.4 million people vulnerable or merely coping financially.
The survey found that only 10.6% of formally included adults could raise N156,000 within a week without difficulty, compared with just 3.7% among those outside the formal financial system.
Overall, only about one in four Nigerian adults was considered financially healthy, creating a 48-percentage-point gap between formal financial inclusion and financial health.
EFInA described the trend as “participation without progress”, warning that expanding access without improving financial wellbeing could leave many Nigerians exposed to economic shocks.
Nigerians increasingly borrow to cope
The report also highlighted a major shift in how Nigerians use formal credit.
Formal credit usage increased from 6% of adults in 2023 to about 10% in 2026, representing roughly 11.9 million people.
However, more borrowers are now using credit for coping and consumption rather than productive activities.
The proportion of formal borrowers taking loans for coping or consumption rose from 31.7% in 2023 to 40.8% in 2026. Meanwhile, productive enterprise borrowing fell from 40.2% to 34.3%.
Household-asset borrowing also declined from 25.2% to 23.4%.
This marks a sharp reversal from 2023, when productive borrowing was 8.5 percentage points higher than coping and consumption borrowing. By 2026, coping and consumption borrowing had moved 6.5 percentage points ahead.
Credit access comes with repayment pressure
The survey also showed a significant increase in formal credit use among informally employed Nigerians, rising from 5% to 15%.
Among adults aged 18 to 35, formal credit usage doubled from 4% to 10%.
Source: UGC
But greater access to loans is also creating pressure, with 45.8% of formal-credit users reporting some or serious repayment stress.
The survey further found that 83.8% of formal-credit users were experiencing ongoing financial stress, underscoring the challenges facing Nigerian households despite the country's progress in financial inclusion.
Source: Legit.ng
