Nigeria has surpassed the 70 per cent financial inclusion target under the National Financial Inclusion Strategy, but millions of adults remain financially vulnerable despite increased access to formal financial services.

The 2026 Access to Financial Services in Nigeria (A2F) Survey, conducted by Enhancing Financial Innovation & Access (EFInA) and weighted by the National Bureau of Statistics (NBS), found that formal financial inclusion rose to 73 per cent in 2026.

However, only 30.7 per cent of formally included adults were classified as financially healthy, leaving approximately 60.4 million adults financially vulnerable or merely coping.

Financial Inclusion Rises To 79%

The survey showed that overall financial inclusion, covering both formal and informal access, increased to 79 per cent in 2026, from 74 per cent in 2023 and 68 per cent in 2020.

Formal financial inclusion rose from 64 per cent in 2023 to 73 per cent in 2026, representing approximately 87.2 million adults.

Overall financial inclusion now covers about 94.2 million adults.

Digital financial services recorded significant growth, rising from 45 per cent in 2023 to 64.4 per cent in 2026, equivalent to roughly 77 million adults.

However, the survey identified a substantial gap between access and financial wellbeing.

Only about 25 per cent of Nigerian adults overall were classified as financially healthy, compared with 73 per cent who were formally included.

The report described the resulting 48-percentage-point difference as an “access-health gap.”

Access To Credit Rises As Coping Loans Increase

Formal credit use increased to about 10 per cent of Nigerian adults, equivalent to 11.9 million people, compared with six per cent in 2023.

The figure, however, remains below the 40 per cent NFIS target cited in the survey.

The composition of formal borrowing also changed significantly.

Borrowing for coping and consumption became the largest reported purpose for formal credit, rising from 31.7 per cent in 2023 to 40.8 per cent in 2026.

By comparison, productive enterprise borrowing fell from 40.2 per cent to 34.3 per cent, while household-asset borrowing declined from 25.2 per cent to 23.4 per cent.

The shift represents a reversal from 2023, when productive borrowing exceeded coping and consumption borrowing by 8.5 percentage points.

By 2026, coping and consumption borrowing exceeded productive enterprise borrowing by 6.5 percentage points.

Repayment Stress Remains High

The survey found that 45.8 per cent of formal-credit users reported some or serious repayment stress, while 83.8 per cent experienced ongoing financial stress.

Formal credit use among informally employed Nigerians increased from five per cent to 15 per cent.

Among adults aged 18 to 35, formal credit usage doubled from four per cent to 10 per cent.

The findings indicate that the expansion of access to credit has not necessarily translated into greater financial resilience.

Insurance, Pension Coverage Remain Low

Insurance and pension participation continued to lag behind banking, payments and other formal financial services.

Formal insurance penetration stood at 5.2 per cent, representing approximately 6.2 million adults, while pension participation covered about nine per cent of adults.

The survey found that approximately 93 per cent of formally included adults, or about 81 million people, remained uninsured.

Among insured adults, 59.9 per cent were classified as financially healthy.

Rural Areas Still Lag Behind

The gains in financial inclusion were uneven across regions, gender and location.

The urban-rural gap in formal financial inclusion widened from 24 percentage points to 27 percentage points.

Formal inclusion reached 85 per cent among urban adults, compared with 58 per cent in rural areas.

The South-West recorded formal inclusion of 96.4 per cent, while the figure stood at 61.4 per cent in the North-East and 62.7 per cent in the North-West.

Digital financial services were used by 78 per cent of urban adults compared with 47 per cent of rural adults.

Usage also stood at 70.5 per cent among men and 58 per cent among women.

Trust Remains Key To Financial Service Usage

The survey also identified trust as an important factor influencing continued use of formal financial services.

It found that 96.9 per cent of consumers who trusted their financial service provider had used the provider within the previous 90 days.

This compared with 65.6 per cent among consumers who distrusted their provider.

The report identified fraud control, service reliability, transparent pricing, data protection and effective complaint resolution as important factors in achieving meaningful and sustained financial inclusion.

Challenge Shifts From Access To Financial Resilience

The survey indicates that Nigeria has made greater progress in bringing adults into formal accounts, payments and digital financial services than in providing products that strengthen long-term financial security.

The report therefore points to a growing challenge: translating increased access into financial health, resilience and productive economic participation.

The survey itself does not attribute the increase in coping and consumption borrowing to specific factors such as inflation, food prices, rent, school fees or medical expenses.

Additional market reporting cited in the material points to a difficult consumer-credit environment, including a decline in consumer credit and increased borrowing costs.

The broader implication is that expanding access to financial services alone may not be sufficient if households and businesses continue to face limited financial buffers.

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The National Insurance Commission (NAICOM) has revoked the operating licence of Nigeria Reinsurance Corporation after the company failed to meet the statutory Minimum Capital Requirement (MCR) under the Nigerian Insurance Industry Reform Act (NIIRA) 2025. The regulator has also appointed Dr. Muiz Banire (SAN) as Receiver and Provisional Liquidator to oversee the company’s liquidation.

According to a public notice issued by the Receiver, the appointment took effect on August 3, 2026, following the cancellation of the company’s certificate of registration by NAICOM. The liquidation process is expected to be conducted in accordance with the provisions of the NIIRA 2025 and other applicable insurance regulations.

As Receiver and Provisional Liquidator, Banire has been empowered to immediately take possession of the company’s assets, recover outstanding assets where necessary, verify and settle liabilities, liaise with NAICOM throughout the liquidation process, and submit periodic reports to the insurance regulator.

The Receiver also directed banks, financial institutions, policyholders, creditors, and members of the public not to honour any instructions issued on behalf of Nigeria Reinsurance Corporation except those authorised by his office. In addition, all bank accounts belonging to the company have been frozen pending the completion of the liquidation process. Any unauthorised transaction involving the company will not be recognised.

NAICOM said the regulatory action reflects its commitment to enforcing capital adequacy standards across Nigeria’s insurance industry. The Commission noted that maintaining the required capital base is essential for protecting policyholders, strengthening market stability, and ensuring that insurers and reinsurers remain financially capable of meeting their obligations.

Industry analysts say the decision marks one of the most significant regulatory enforcement actions under the NIIRA 2025. They believe the move sends a strong signal that operators who fail to comply with recapitalisation requirements risk losing their licences, while also reinforcing confidence in the long-term stability and credibility of Nigeria’s insurance sector.

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FirstHoldCo Plc has successfully completed a ₦45 billion private placement, marking another step in its ongoing capital raising programme aimed at strengthening the financial position of FirstBank, its flagship subsidiary.

The transaction was executed at ₦44.06 per share and forms part of the group’s broader strategy to meet regulatory capital requirements and support long-term business expansion.

According to the company, the proceeds from the placement will be channelled into FirstBank to reinforce its capital base, improve lending capacity, and enhance overall financial stability.

The capital raise is also aligned with FirstHoldCo’s ongoing recapitalisation plan, which includes multiple funding stages designed to ensure the group maintains strong compliance with Central Bank of Nigeria requirements while positioning for future growth.

Industry observers note that the transaction reflects continued investor confidence in FirstHoldCo’s restructuring efforts and its long-term strategy to build a stronger balance sheet across its banking operations.

The completion of the ₦45 billion placement follows earlier capital initiatives undertaken by the group as part of a multi-phase fundraising programme aimed at achieving a more resilient financial structure.

Analysts also suggest that the additional capital injection could improve FirstBank’s capacity to expand credit to key sectors of the economy, including retail, corporate, and small business lending.

With the latest placement concluded, FirstHoldCo is expected to continue executing its broader capital plan as it works toward strengthening its position within Nigeria’s competitive banking sector.

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FCMB Group Plc has reported a strong financial performance for the 2025 financial year, posting a profit before tax of ₦202.1 billion, representing an 81 percent increase compared to the previous year.

The financial services group attributed the growth to higher interest income, expansion in earning assets, and improved operational efficiency across its businesses. Gross revenue rose significantly during the year, surpassing the ₦1 trillion mark for the first time in the group’s history.

Profit after tax also recorded substantial growth, rising to ₦177.3 billion from ₦73.3 billion reported in the preceding year. The improved earnings performance contributed to stronger returns for shareholders, with return on equity increasing to 23.2 percent.

According to the group’s financial results, interest income remained the primary driver of revenue growth. Income generated from loans and advances, alongside improved returns on liquid assets, supported the company’s overall performance during the period.

FCMB Group also reported growth across all its business divisions. The banking subsidiary delivered the largest contribution to profitability, while the consumer finance, investment management, and investment banking businesses all posted double-digit profit growth.

The group noted that continued investments in technology, people, and business expansion contributed to improved operational efficiency. Its cost-to-income ratio declined during the year, reflecting efforts to optimize costs while maintaining growth momentum.

Customer confidence also remained strong, with growth recorded in low-cost deposits and savings accounts. Total assets increased to ₦7.63 trillion by the end of 2025, while total equity strengthened on the back of retained earnings and fresh capital injections.

In line with the positive results, the board proposed a dividend of 35 kobo per share, subject to shareholder approval at the company’s annual general meeting. The proposed payout amounts to approximately ₦23 billion.

The strong earnings momentum extended into the first quarter of 2026, with profit before tax rising to ₦87 billion and profit after tax reaching ₦76.5 billion, indicating continued growth across the group’s operations.

FCMB Group said it remains focused on sustainable growth, balance sheet optimization, digital innovation, and expanding financial services offerings to customers across its various business segments.

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First City Monument Bank (FCMB) has announced the appointment of Bismarck Rewane as a Non-Executive Director and Chairman of its Board of Directors following regulatory approval from the Central Bank of Nigeria.

The appointment brings one of Nigeria’s most recognized economists and financial analysts into a key leadership position at the bank as it seeks to strengthen its governance framework and strategic direction.

Rewane has over 40 years of experience spanning macroeconomic research, investment banking, financial advisory services, and corporate strategy. He currently serves as the Managing Director of Financial Derivatives Company Limited, a leading economic research and financial consulting firm.

Throughout his career, he has held senior leadership positions within the financial services industry, including roles at International Merchant Bank Nigeria Limited and First National Bank of Chicago. His expertise has made him a respected voice in economic policy discussions and financial market analysis.

A graduate of Economics from the University of Ibadan, Rewane is a Fellow of the Nigerian Economic Society and the Chartered Institute of Bankers of Nigeria. He is also an Associate of the Institute of Bankers in England and Wales.

His boardroom experience extends across several major corporations and multinational organizations. Over the years, he has served on the boards of companies including Guinness Nigeria Plc, British American Tobacco, Henkel Nigeria Limited, Top Feeds Nigeria Limited, and Africa Infrastructure Plus Partners.

Rewane also served as a member of the Presidential Steering Committee established to address the global economic crisis. In addition, he has completed executive management programmes at internationally recognized institutions, including Oxford International Capital Markets Programme, the Euromoney Institute of Finance, and IMD Lausanne in Switzerland.

FCMB stated that the appointment reflects its commitment to strong corporate governance and sustainable growth. The bank expressed confidence that Rewane’s experience in macroeconomics, strategic management, and corporate governance will support its long-term objectives and enhance value creation for shareholders and other stakeholders.

According to the bank, his appointment comes at a significant period in its growth journey and is expected to strengthen leadership oversight while supporting future expansion plans.

First City Monument Bank Limited operates as a member of FCMB Group Plc, a diversified financial services group with interests in banking, consumer finance, investment management, pensions, and financial technology services.

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Abbey Mortgage Bank Plc has announced a N1.2 billion dividend payout, translating to 12 kobo per ordinary share of 50 kobo each, in a move that underscores its commitment to sustainable growth and shareholder value creation.

The announcement was made during the bank’s 34th Annual General Meeting (AGM), which brought together shareholders, board members, management, regulators, and other key stakeholders to review its financial performance and strategic direction.

At the meeting, shareholders approved key resolutions, including an additional capital raise and the dividend declaration, while commending the bank’s operational resilience and steady transformation within Nigeria’s financial services sector.

Managing Director and Chief Executive Officer of Abbey Mortgage Bank, Mobolaji Adewumi, said the institution remains focused on enhancing value delivery to shareholders while maintaining a balance between rewarding investors and strengthening long-term growth.

He said the bank’s next phase of growth will prioritise digitally driven banking services aimed at removing traditional barriers to financial access and improving customer experience.

“Our next phase is centered on delivering seamless and digitally driven banking experiences that eliminates the traditional barriers to premier financial services,” Adewumi said.

He added that the bank is working to build a resilient and agile institution capable of delivering meaningful value to all stakeholders.

Adewumi also highlighted the bank’s commitment to strong corporate governance, innovation, and expansion within Nigeria’s financial services industry.

The AGM also provided an opportunity for management to appreciate shareholders for their continued confidence and support, which the bank described as critical to its growth trajectory.

Abbey Mortgage Bank reaffirmed its focus on financial inclusion, innovation, and sustainable value creation as it continues to strengthen its position in the Nigerian banking sector.

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