Nigerian digital finance reach 64.4 per cent of adults in 2026
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Digital financial services reached 64.4 per cent of Nigerian adults in 2026, while the number of financially excluded people fell to 21 per cent from 26 per cent in 2023.
These figures come from the 2026 Access to Financial Services in Nigeria survey by Enhancing Financial Innovation and Access (EFInA). The report shows that 79 per cent of Nigerian adults, or about 94.2 million people, now use a financial product or service.
The digital payments provider OPay expanded its services in Nigeria to help people access mobile payments, transfers, and savings without visiting a bank. The company reported that over one million merchants and businesses joined its network by June 2026. OPay designed its technology to work on entry-level mobile phones and in areas with unstable network connections. The company stated that 99 per cent of its workforce in Nigeria is Nigerian.
Despite the rise in account ownership, the EFInA survey found that three out of every four Nigerian adults remain financially unhealthy. Formal credit only reached 10 per cent of adults, and insurance coverage stood at 5 per cent. EFInA Chief Executive Officer Foyinsolami Akinjayeju urged providers and policymakers to measure success by what people achieve with their accounts rather than just the number of accounts opened.
The Central Bank of Nigeria introduced new guidelines requiring card issuers to deploy at least one ATM for every 7,500 payment cards issued by 2028. The bank also launched the Payments System Vision 2028 to create a secure and inclusive payments system.
