EFInA: 79% Nigerians now financially included, but 75% remain financially unhealthy
EFInA's 2026 survey shows 79% of Nigerian adults (94.2 million) now use financial services, with formal inclusion hitting 73% and digital services reaching 64.4%—up sharply from 45% in 2023. OPay, operating since 2018, processes over 99% of app transactions successfully and supports one million merchants as of June 2026.
Yet three in four adults remain financially unhealthy. Only 10% access formal credit and 5% have insurance. The CBN's new ATM rules require one machine per 7,500 cards by 2028, but policy must balance cash access with digital channels that now serve daily earners and traders.
OPay's model works on entry-level phones under poor networks, employs 99% Nigerian staff, and lets merchants earn commissions on financial services. For a driver, instant payment means fuel money; for a trader, digital transfer means paying suppliers without leaving shop.
With Payments System Vision 2028 targeting secure, interoperable systems, the real test is whether inclusion translates to resilience. Will your next financial decision—saving, borrowing, insuring—be enabled by these digital rails or still require a bank branch?