EFInA launched its first Access to Financial Services in Nigeria survey in 2008. Subsequent surveys were undertaken in 2010, 2012, 2014, 2016, 2018 2020 and 2023.
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Here is how to cite the survey
APA Format: Enhancing Financial Innovation & Access (EFInA). (Year). The Access to Financial Services in Nigeria Survey. Accessed at www.a2f.ng (Date accessed). MLA Format: The Access to Financial Services in Nigeria Survey. Enhancing Financial Innovation & Access (EFInA), Year. Accessed at www.a2f.ng (Date accessed).
Parenthetical Citation: (The A2F, Year) Narrative Citation: According to the A2F (Year), … (Replace “Year” with the publication year and “Date accessed” with the actual date of access.)
2023 Survey
EFInA launched its first Access to Financial Services in Nigeria survey in 2008. Subsequent surveys were undertaken in 2010, 2012, 2014, 2016, 2018, 2020, and 2023
The EFInA Access to Finance (A2F) Survey report has said that formal financial inclusion in Nigeria has grown significantly from 56% in 2020 to 64% in 2023, according to the 2023 report.
The 2023 results show that 26% of Nigerians are financially excluded, down from 32% in 2020, demonstrating clear progress towards the Nigeria Financial Inclusion Strategy (NFIS 3.0) recommended target to reduce levels of financial exclusion in Nigeria to 25% by 2024.
2020 Survey
The EFInA Access to Financial Services in Nigeria 2020 survey results have been disseminated. The findings from the survey highlight the opportunities to extend financial services to the unbanked and under-banked low-income segments in the country. The survey aims to:
- Document usage of financial products across both formal and informal sectors from an urban and rural perspective.
- Provide insights into regulatory and market obstacles to growth and innovation in the financial sector.
- Identify the financial needs of the adult population and thereby allow service providers to develop innovative products to serve them.
- Provide credible data that highlight opportunities for policy reform and support evidence-based financial inclusion policies.
The findings also revealed that 36.6 million adults, representing 36.8% of the adult population, are financially excluded.
2018 Survey
The results of the EFInA Access to Financial Services in Nigeria 2018 survey revealed that 39.5 million adults (39.7% of the adult population) have a deposit money bank account. This represents an increase of 2.6 million adults, from 36.9 million in 2016. In 2018, the formally included segment increased from 46.9 million adults in 2016 to 48.4 million adults in 2018. The number of adults relying on informal mechanism ONLY increased significantly from 9.4 million in 2016 to 14.6 million in 2018.
The findings also revealed that 36.6 million adults, representing 36.8% of the adult population, are financially excluded.
2016 Survey
The results of the EFInA Access to Financial Services in Nigeria 2016 survey revealed that 36.9 million (38.3% of the adult population) have access to a bank account. This represents an increase of 3.0 million adults, from 33.9 million in 2014. In 2016, the formally included segment increased from 45.4 million adults in 2014 to 46.9 million adults in 2016. This represents an increase of 1.5 million adults who have access to Deposit Money Banks, MicroFinance Banks, Mobile Money, Insurance and Pensions. The findings also revealed that 40.1 million Nigerian adults, representing 41.6% of the adult population, are financially excluded.
2014 Survey
The results of the EFInA Access to Financial Services in Nigeria 2014 survey showed that 36.9 million adults, representing 39.5% of adult population, are financially excluded. Only 33.9 million adults are banked, representing 36.3% of adult population.
2012 Survey
The results of the EFInA Access to Financial Services in Nigeria 2012 survey showed that 34.9 million adults representing 39.7% of the adult population were financially excluded. Only 28.6 million adults were banked representing 32.5% of the adult population.
2010 Survey
The results of the EFInA Access to Financial Services in Nigeria 2010 survey showed that 39.2 million Nigerians representing 46.3% of the adult population were financially excluded. Only 25.4 million Nigerians were banked representing 30.0% of the adult population.
2008 Survey
The results of the EFInA Access to Financial Services in Nigeria 2008 survey showed that 45.4 million Nigerians representing 52.5% of the adult population were financially excluded. Only 18.3 million Nigerians were banked representing 21.1% of the adult population.