A2F in the news

The A2F survey, known for its comprehensive tracking of financial inclusion
at the state level across all 36 states in Nigeria, has become a key resource in understanding the evolving landscape of financial services in Nigeria

Cardoso calls for concrete commitment to achieve 95% financial inclusion in 2024

Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), on Wednesday called for concrete commitment towards achieving 95 per cent financial inclusion. He said this in Lagos at the unveiling of the Access to Financial Services in Nigeria (A2F) 2023 survey by EfFInA. Represented by Chibuike Nwaegerue, director, other financial institutions (OFIs) he charged financial […]

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‘74% of Nigerians access financial services as CBN targets 95% inclusion’

A new financial inclusion survey by EFInA has shown that nearly 3 in 5 adult Nigerians or 74 percent have access to financial services, compared to the 2020 report which showed that more than 1 in 3 Nigerian adults remained excluded. This is even as Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), […]

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Formal financial inclusion in Nigeria soars to 64%, driven by non-banking channels” – Report

EFInA Access to Finance (A2F) Survey report has said that the formal financial inclusion in Nigeria has grown significantly from 56% in 2020 to 64% in 2023, according to the 2023.  Oluwatomi Eromosele, General Manager, EFInA while presenting the results of the survey in Lagos said the methodology for the 2023 survey has been updated […]

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Nigeria’s economy on life support as number of financially distressed adults rise to 74%

The number of severely financially distressed adults in Nigeria has surged to a staggering 74%, marking a concerning escalation from 62% reported in 2020. This revelation surfaced from the recent Enhancing Financial Innovation and Access (EFInA) 2023 Access to Financial Services (A2F) Survey. The survey, attended by key figures from the Central Bank of Nigeria, […]

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NFIS: CBN targets rural areas, MSMEs as financially-included adult population hits 64 per cent

The Central Bank of Nigeria (CBN) has said that notwithstanding the progress made in the financial inclusion drive, some demographics and areas such as women, youth, micro, small and medium enterprises (MSMEs) as well as rural communities in the Northern region remain disproportionately excluded. CBN Governor, Olayemi Cardoso, stated this at the Enhancing Financial Innovation […]

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Financial Inclusion Rises to 74% in Nigeria, CBN Governor Calls for Continued Innovation

Nigeria’s financial inclusion rose to 74% in 2023, according to the latest Access to Finance Report launched by the non-governmental organization Enhancing Financial Inclusion and Access. The report, unveiled at an event in Lagos, reflects a positive trend in expanding the financial services ecosystem within the country. The Central Bank of Nigeria (CBN) governor, Dr. […]

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‘74% of Nigerians access financial services as CBN targets 95% inclusion

Financial inclusion broadens the reach of monetary policy by increasing the number of individuals and businesses participating in the formal financial system A new financial inclusion survey by EFIna has shown that nearly 3 in 5 adult Nigerians or 74 percent have access to financial services, compared to the 2020 report which showed that more […]

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Digital service adoption lifts Nigeria’s financial inclusion to 64% — Survey

Cynthia Ezekwe A new survey report from Enhancing Financial Innovation & Access (EFInA), a financial sector deepening (FSD) organisation, shows that formal financial inclusion in Nigeria has risen about 8 per cent, growing from 56 per cent  in 2020 to 64 per cent  in 2023.   According to the survey, the growth in financial inclusion is […]

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Cardoso: Financial Inclusion Key to Building Inclusive, Sustainable Economy

Governor of Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has said that financial inclusion is essential for building an inclusive and sustainable economy. He stated this at the launch of the Enhancing Financial Innovation and Access’ (EFInA) 2023 Access to Financial Services in Nigeria (A2F) survey findings in Lagos on Wednesday. According to the […]

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Cardoso Advocates Special Financial Inclusion Units As Rate Rises To 74%

The Central Bank of Nigeria (CBN) has called for the setting up of special units dedicated to financial inclusion in institutions even as the percentage of Nigerians captured in the financial sector has risen to 74 per cent. According to the Enhancing Financial Innovation and Access (EFInA) latest Access to Financial Services in Nigeria 2023 […]

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Financial Inclusion Reaches 64%- EFInA Survey Reveals

The Enhancing Financial Innovation and Access (EFInA) says the percentage of adults who use regulated financial services in Nigeria has increased from 56 per cent in 2020 to 64 per cent in 2023. Dr Oluwatobi Eromosele, General Manager/ A2F Research Lead, EFInA, disclosed this while presenting Access to Financial Services in Nigeria (A2F) 2023 survey […]

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CBN Chief Cardoso Seeks Banks’ Commitment To Drive Financial Inclusion

“To achieve the target of 95 per cent financial inclusion, we must all move from collaboration to concrete commitment.” The Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has issued a call to action for all stakeholders, specifically financial institutions, for more commitment to enhance Nigeria’s financial inclusion goals. Cardoso, made the […]

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Financial inclusion hits 74%, Cardoso advocates innovation

The Central Bank of Nigeria governor, Dr Olayemi Cardoso, has called on stakeholders in the economy to be innovative in bridging the financial inclusion gap in the country. Cardoso said this on Wednesday at the launch of the 2023 Access to Finance Report by non-governmental organisation, Enhancing Financial Inclusion and Access in Lagos. The new […]

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Report: Nigeria’s financial inclusion rose to 74% in 2023, northern region most excluded

Financial inclusion in Nigeria has increased to 74 percent in 2023, up from 68 percent in 2020. This was disclosed on Wednesday in a ‘2023 Access to Finance’ survey conducted by Enhancing Financial Innovation & Access (EFInA), a financial sector deepening (FSD) organization, with support from the Bill and Melinda Gates Foundation, as well as […]

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Cardoso Seeks Banks, Stakeholders’ Commitment to Drive Financial Inclusion

•Report: Nigeria’s financial inclusion hits 74% in 2023 Nume EkegheThe Governor of the Central Bank of Nigeria (CBN), Mr. Olayemi Cardoso, has issued a call to action for all stakeholders, specifically financial institutions, for more commitment to enhance Nigeria’s financial inclusion goals. Cardoso, made the call at the Access to Financial Services in Nigeria (A2F) […]

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Nigeria closer to 2024 financial inclusion target but gaps persist

Nigeria has inched closer to its 2024 financial inclusion as more Nigerians are now banked even as gaps persist. The 2022 National Financial Inclusion Strategy aims to reduce the level of financial exclusion in the country to 25 percent by 2024. Financial inclusion rose to 74 percent in 2023 from 68 percent in 2020, while […]

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Nigeria’s formal financial inclusion grows to 64% in 2023, says EFinA report

The Access to Finance (A2F) survey report presented by Enhancing Financial Innovation and Access (EFInA) on December 13, 2023, at Eko Hotel, Lagos, revealed that despite challenging macroeconomic headwinds, Nigeria’s formal financial inclusion improved to 64% in 2023 from 56% recorded in 2020. The growth in financial inclusion in 2023 was majorly fueled by marginal growth in […]

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45% of Nigerians use digital services – Report

The number of Nigerians that used digital services rose to 45 per cent in 2023 from 34 per cent in 2020. According to a report by EFInA released in Lagos, titled, ‘A2F 2023 Survey – Key, with the topic,  ‘Unlocking insights to accelerate financial and economic inclusion’. “Forty-five per cent of Nigerians used digital financial […]

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28.8m Nigerians From North Financially Excluded – Survey

No fewer than 28.8 million Nigerians, predominantly farmers and dependents, more likely to be females, and to live in rural areas in Northern Nigeria, are… No fewer than 28.8 million Nigerians, predominantly farmers and dependents, more likely to be females, and to live in rural areas in Northern Nigeria, are excluded from the financial system, […]

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Financial Inclusion: CBN challenges stakeholders on infrastructure support

By Providence Ayanfeoluwa & Elizabeth Adegbesan Governor of Central Bank of Nigeria (CBN), Olayemi Cardoso, has said that stakeholders in the economy must, among other things, address the infrastructural issues in underserved areas to achieve economic growth through financial inclusion. Speaking at the unveiling of the Enhancing Financial Innovation and  Access (EFiNA)  survey report titled: “Unlocking […]

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CBN directs banks to raise financial products quality

The Central Bank of Nigeria (CBN) has directed banks to raise the quality of their products and services to attract more people into the financial system. CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos. He said: “As an ecosystem, we must redouble our efforts […]

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EFinA Report: Nigeria’s Formal Financial Inclusion Grows to 64% in 2023

Download A2F 2023 Survey – Key Highlights: Unlocking Insights to Accelerate Financial and Economic Inclusion The Access to Finance (A2F) survey report presented by Enhancing Financial Innovation and Access (EFInA) on December 13, 2023, at Eko Hotel, Lagos, revealed that despite challenging macroeconomic headwinds, Nigeria’s formal financial inclusion improved to 64% in 2023 from 56% recorded in 2020. […]

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Nigeria Increases Financial Inclusion But Still Far from Goal

By Emele Onu Nigeria has brought more of its citizens into the financial system but remains far from its goal of getting 95% of the population fully banked by 2024, according to a new report. The percentage of adult Nigerians with formal financial services — including bank accounts, insurance and mobile money — rose to 64% […]

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CBN issues new directive to banks

The Central Bank of Nigeria (CBN) has directed banks to raise the quality of their products and services to attract more people into the financial system. CBN Governor, Olayemi Cardoso, disclosed this at the release of the 2023 EFInA Access to Finance (A2F) Survey results in Lagos. He said: “As an ecosystem, we must redouble […]

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