Access to Financial Services in Nigeria survey

EFInA launched its first Access to Financial services in Nigeria survey in 2008. Subsequent surveys were undertaken in 2010 and 2012. 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 EFInA Access to Financial Services in Nigeria survey is nationwide and covers over 20,000 consumers. The survey is conducted every two years and aims to:

  • Establish credible benchmarks and indicators of financial penetration in Nigeria.
  • 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 give service providers the opportunity to develop innovative products to serve them.
  • Provide credible data that highlight opportunities for policy reform and support evidence based financial inclusion policies.

General Information

EFInA Access to Financial Services in Nigeria 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 are financially excluded. Only 28.6 million adults are banked representing 32.5% of the adult population.

EFInA Access to Financial Services in Nigeria 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 are financially excluded. Only 25.4 million Nigerians are banked representing 30.0% of the adult population. 

EFInA Access to Financial Services in Nigeria 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 are financially excluded. Only 18.3 million Nigerians are banked representing 21.1% of the adult population.