Research
One of the biggest hurdles to improving access to retail financial services is the absence of relevant and reliable data and analysis about how individuals and households manage their finances.
As the leading research institution on financial inclusion in Nigeria, EFInA generates data-driven insights that shape policies, guide financial service providers, and drive innovative solutions for underserved communities. Our research explores both the demand side (consumer behaviors and financial needs) and the supply side (market trends, service accessibility, and regulatory barriers) to bridge financial gaps and enhance inclusion.
Our Research Focus
Demand-side research: Understanding financial behaviors, needs, and barriers, especially for excluded segments.
Supply-side analysis: identifying trends, mapping markets, and evaluating financial products and services.
Impact Assessment: Measuring the effectiveness of financial inclusion initiatives through surveys, case studies, and macro-meso-micro level outcome analysis.
Partnership & Collaboration: Creating platforms for multi-stakeholder engagement to drive financial inclusion innovations.
For over two decades, EFInA’s research has influenced financial policies, empowered key stakeholders, and facilitated inclusive financial services tailored to diverse populations.
Want to stay informed or collaborate? Explore our latest research and join us in advancing financial inclusion in Nigeria and beyond
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, 2012, 2014, 2016 and 2018. The EFInA Access to Financial Services in Nigeria 2018 was recently disseminated on Tuesday, December 11, 2018. The findings from the survey shows 36.8% of the adult population are financially excluded and it highlight the opportunities to extend financial services to the unbanked and under-banked low income segments in the country. The EFInA Acess to Financial Services in Nigeria survey is nationwide and covers over 20,000 consumers. All datasets are free and can be accessed by sending an email with a brief proposal indicating the purpose for which the data is required to info@efina.org.ng.
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
EFInA launched its first Access to Financial Services in Nigeria survey in 2008. Subsequent surveys were undertaken in 2010, 2012, 2014, 2016, 2018, and 2020
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 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:
- Document the usage of financial products across both the 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 highlights opportunities for policy reform and supports evidence-based financial inclusion policies.
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.
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, 2012, 2014, 2016 and 2018. The EFInA Access to Financial Services in Nigeria 2018 was recently disseminated on Tuesday, December 11, 2018. The findings from the survey shows 36.8% of the adult population are financially excluded and it highlight the opportunities to extend financial services to the unbanked and under-banked low income segments in the country. The EFInA Acess to Financial Services in Nigeria survey is nationwide and covers over 20,000 consumers. All datasets are free and can be accessed by sending an email with a brief proposal indicating the purpose for which the data is required to info@efina.org.ng.
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
EFInA launched its first Access to Financial Services in Nigeria survey in 2008. Subsequent surveys were undertaken in 2010, 2012, 2014, 2016, 2018, and 2020
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 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:
- Document the usage of financial products across both the 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 highlights opportunities for policy reform and supports evidence-based financial inclusion policies.
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.
Assessment of Women’s Financial Inclusion in Nigeria
EFInA launched its first Access to Financial Services in Nigeria survey in 2008. Subsequent surveys were undertaken in 2010, 2012, 2014, 2016, and 2018. The EFInA Access to Financial Services in Nigeria 2018 was recently disseminated on Tuesday, December 11, 2018. The findings from the survey shows 36.8% of the adult population are financially excluded and it highlight the opportunities to extend financial services to the unbanked and under-banked low income segments in the country. The EFInA Acess to Financial Services in Nigeria survey is nationwide and covers over 20,000 consumers. All datasets are free and can be accessed by sending an email with a brief proposal indicating the purpose for which the data is required to info@efina.org.ng.
View Executive Summary
View Survey Report
Other Research
We have also conducted several other quantitative and qualitative studies covering both the demand side (client/consumer) and supply side (financial services providers).
