Report exposes widening rural-urban divide, sharp gender gaps in North

New report released by the Enhancing Financial Inclusion and Advancement (EFInA) has shown that Nigeria’s financial inclusion has risen to 79 per cent, but the expansion has yet to translate into meaningful financial security for millions of Nigerians, with only one in four adults classified as financially healthy.

The Access to Financial Services in Nigeria 2026 survey, conducted between April and June across the country, found that 21 per cent of Nigerian adults remain financially excluded, while formal financial inclusion stands at 73 per cent and the use of digital financial services has reached 64 per cent.

Presenting the report yesterday in Abuja, the Chief Executive Officer, EFInA Foyinsolami Akinjayeju, said that the survey revealed that greater access to bank accounts, digital platforms and other formal financial services was not necessarily improving Nigerians’ financial resilience.

She noted that financial inclusion must move beyond measuring the number of accounts, customers and digital channels to determining whether financial services are helping Nigerians withstand shocks, meet their needs, build wealth and reduce financial stress.

The survey, which covered adults aged 18 and above, achieved 18,679 interviews out of a target of 18,950 — a 98 per cent response rate. It was designed with the support of the National Bureau of Statistics, with fieldwork conducted across the 36 states.

According to her, the findings showed a pronounced divide between urban and rural Nigerians, adding that formal financial inclusion stands at 85 per cent in urban areas, compared with just 58 per cent in rural communities, highlighting a 27-percentage-point gap.

Akinjayeju observed that the survey also identified significant disparities linked to wealth and education, with the poorest 40 per cent and adults with less than secondary education among the groups facing the greatest barriers.

The CEO stated that the figures suggest that Nigeria’s progress in financial inclusion has been concentrated disproportionately in urban areas.

The report therefore called for policies and products that were targeted according to location, income, education and other characteristics rather than relying on a single nationwide approach.

Akinjayeju noted that the gender gap remains another major concern, stressing that formal financial inclusion among women stands at 67 per cent, compared with 73 per cent for adults overall, indicating that women continue to trail men in access to formal financial services.

She stated that the disparities were particularly pronounced in parts of northern Nigeria.

The findings raise questions about whether existing financial inclusion policies and products are adequately addressing the specific barriers faced by women, particularly in regions where the disparities are greatest.

The report revealed that formal credit remains low despite improvements in access.