Industry leaders, regulators, and financial inclusion advocates have stressed the urgent need to deepen financial literacy, product innovation, and evidence-based policymaking if Nigeria is to achieve an 80 percent financial inclusion rate by 2030.
Speaking at the Access to Financial Services (A2F) 2025 stakeholders engagement, panelists drew parallels between Nigeria’s financial inclusion journey and lessons from the 2008 global financial crisis, underscoring how a lack of financial awareness can cripple economies.
“Alan Greenspan once said that lack of financial planning was the biggest problem facing the world, even bigger than wars,” said Kalu Aja, Lead, Kalu Aja LLC.
“If people don’t understand money, the consequences spread. That is why financial literacy is not just important; it is urgent.”
The Access to Financial Services (A2F) survey, conducted biannually by Enhancing Financial Inclusion and Advancement (EFInA), has become a benchmark tool for tracking Nigeria’s progress.
The A2F survey is a nationally representative demand-side survey that covers all 36 states and the FCT, interviewing more than 27,000 Nigerians across 1,800 communities. It captures the financial lives of citizens, ranging from savings and credit to insurance, pensions, and investments, while also reflecting informal financial practices.
While recent reports showed growth in digital payments from 34 percent in 2020 to 45 percent in 2023, other indicators remain “humbling.” Access to credit is still below 5 percent nationally, pensions show no growth beyond formal workers, and mobile banking adoption remains under 50 percent.
“How do you grow an economy where most people do not borrow formally, and when they do, it’s from the informal sector?” Aja said. “Pensions are flat, insurance uptake is negligible, and long-term savings remain weak. These are structural gaps we must confront.”
From the supply side, fintech leaders admitted innovation has been heavily skewed towards payments, while credit, insurance, and pensions lag. But momentum is shifting. “Once payments worked, unicorns emerged, and investors came in,” said Ajibade Laolu-Adewale, Chairman, Committee of e-Banking Industry Heads (CeBIH).
“Now, we are beginning to plug into pensions and insurance. Whoever integrates these services with payments will win the market,” he added.
Participants agreed that A2F data has been central to shaping product development, advocacy, and investment strategies. For example, agency banking expansion into rural areas was driven by insights from the survey. “If you want to know where to go and what gaps to fill, you look at the A2F,” said the CeBIH chairman.
According to Foyinsolami Akinjayeju, EFInA’s CEO, the survey’s importance lies not only in the data collected but in how stakeholders use it.
“The goal of a survey is really what happens after the survey. We want to ensure that whatever innovations we are introducing align with you, the policymakers, providers, and regulators. That way, the results remain relevant and actionable,” she said.
Chioma Nwaiwu, Research Associate, EFInA, during her session on the overview of the 2025 methodology, data architecture, and new features, said the 2025 edition will introduce new modules on consumer protection, financial literacy, and women’s economic empowerment, reflecting the evolving realities of Nigeria’s economy. For the first time, the survey will measure levels of financial literacy nationwide in partnership with the Central Bank of Nigeria (CBN).
She added that the survey is also being deployed at the subnational level, with states like Kaduna already using A2F data to shape policy and strengthen financial inclusion strategies.
She emphasised that the evidence-based approach would help states design more targeted interventions.
“With inflation, food insecurity, and cost-of-living pressures squeezing households, the 2025 survey will play a critical role in identifying gaps and informing both national and state-level policies,” she said.
