EFInA Report: 61% of Nigerian Adults Face Severe Financial Distress
A new EFInA survey says 61% of Nigerian adults are facing severe financial distress, despite financial inclusion rising to 73%. The report warns that wider access to financial services has not improved households’ ability to recover from economic shocks at the same pace. Among adults who experienced a financial shock, 71.6% relied on borrowing, selling assets or cutting essential spending. Only 13.8% used protective strategies that could help them cope without worsening their future financial position. Financial exclusion remains heavily concentrated among poorer households. About 53% of adults in the poorest wealth group are excluded from formal financial services, compared with 1% in the richest group. Farmers also reported high exposure to financial shocks, while dependent women remain particularly excluded. Digital finance and formal savings recorded strong growth, but cash still dominates payments in agriculture. The findings raise questions about how banks, fintechs and policymakers can turn financial access into real financial security for vulnerable Nigerians.
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