The share of Nigerian adults borrowing from regulated lenders has risen to about 10%, compared with 5.3% in 2023, according to the 2026 Access to Financial Services in Nigeria survey.
The EFInA survey highlights put the more precise figure at 9.9%, representing approximately 12 million adults.
This measures people currently borrowing from regulated providers. It does not mean every adult can obtain a loan, or that borrowing has become affordable. a2f.ng
More Nigerians use formal financial services
EFInA’s published findings show formal financial inclusion increased from 64% in 2023 to 73% in 2026.
Overall financial inclusion, which also counts people using only informal services, reached 79%. Financial exclusion fell from 26% to 21%.
Formal saving increased from 38% to 53%, while mobile money use rose from 12% to 38%.
The figures show that saving and making payments through financial providers are much more widespread than formal borrowing. Having access to one service does not automatically mean a person uses other products, such as loans or insurance. (a2f.ng)
How the survey was conducted
The survey covered adults aged 18 and above across all 36 states and the Federal Capital Territory.
Its methodology records 18,679 interviews, with household listing and data collection conducted between April and June 2026. The National Bureau of Statistics designed the sample, supervised data collection, and weighted the results to represent the adult population.
The survey’s comparison table places formal credit use well below the National Financial Inclusion Strategy target of 40%. (a2f.ng)
The findings were launched in Abuja on 16 September, as documented by Premium Times. The PUNCH report published on 7 October revisits those findings and financial-sector responses. (premiumtimesng.com, punchng.com)
Gains among women business owners and farmers
PUNCH reported that formal financial inclusion among women business owners increased from 67.5% to 76.3%. Among women farmers, it rose from 42.7% to 53.6%.
These figures describe participation in formal financial services generally. They are not the proportions of those women who received loans.
Moniepoint argued that lending based on business cash flow could help reach underserved entrepreneurs. Such an approach assesses money moving through a business rather than relying mainly on conventional collateral.
That is the company’s proposed response, rather than proof that the survey’s gains were caused by its lending model. (punchng.com)
Financial pressure remains.
EFInA’s findings also show that 62% of adults would find emergency money very difficult to raise. Only 36% had savings or assets sufficient to cover two or more months.
These measures help explain why greater participation in the financial system does not necessarily translate into financial security. (a2f.ng)
Trivane View
More Nigerians borrowing from regulated lenders is a useful development, but the number alone does not tell us whether their loans are affordable or manageable.
Banks, fintech companies and regulators should judge progress by clear charges, fair repayment terms, reliable customer support, and how well services meet people’s needs. Expanding access matters most when it helps households and businesses become more financially secure.
