Nigeria Misses Financial Inclusion Target as Only 74% of Adults Are Covered – CBN

Central bank admits shortfall despite agent banking surge and digital finance push

Nigeria has fallen short of its ambitious financial inclusion target, with only 74 per cent of the adult population captured under the country’s financial system as of the first half of 2025, according to the Central Bank of Nigeria (CBN).

The disclosure was made in the apex bank’s latest Financial Stability Report, which confirmed that progress remains below the National Financial Inclusion Strategy (NFIS) goal of 95 per cent coverage by the end of 2024.

“At end-June 2025, the percentage of financially included Nigerians stood at 74 per cent,” the CBN stated.

Gap persists despite nationwide expansion

The NFIS is Nigeria’s primary policy framework for widening access to financial services, covering credit, savings, payments, insurance and pensions. While the strategy has driven measurable gains, the latest figures highlight a significant gap between policy targets and on-ground realities.

To close that gap, the CBN said it intensified agent banking expansion under the Shared Agent Network Expansion Facility (SANEF). During the review period, 69,094 new agents were onboarded, pushing the total number nationwide to 2,021,338.

This growth raised financial access points to 1,903 per 100,000 adults, strengthening outreach particularly in underserved and rural communities.

“These achievements underscore the impact of strategic partnerships and targeted initiatives in expanding access to financial services nationwide,” the report noted.

New governance structure and reforms

The central bank also revealed that the National Financial Inclusion Secretariat (NFIS) strengthened coordination through a newly established governance framework.

This includes a Steering Committee chaired by the CBN Governor, a Technical Committee led by the Deputy Governor in charge of Financial System Stability, and four specialised working groups focused on products, delivery channels, financial literacy and targeted interventions.

Key priorities under this framework include expanding fixed and mobile broadband infrastructure, introducing a centralised complaints management platform for insurance policyholders, and rolling out the Open Banking Registry.

Digital finance and anti-fraud measures

The CBN said it made further progress in promoting Digital Financial Services (DFS) by connecting payment service providers with aggregators, enforcing monthly transaction reporting, and mandating corporate name display on digital platforms to boost transparency and public trust.

It added that the operations of Payment Service Banks and wider deployment of Unstructured Supplementary Service Data (USSD) have played a critical role in extending financial services to hard-to-reach populations.

The bank also highlighted improved access to credit through the Secured Transactions in Movable Assets (STMA) framework and stepped-up collaboration with telecommunications companies to combat electronic fraud.

Despite these efforts, analysts say Nigeria will need accelerated reforms and deeper rural penetration to close the remaining financial inclusion gap.