The Central Bank of Nigeria (CBN) has revealed that 74 percent of Nigerians were covered under its financial inclusion program as of the first half of 2025, according to its latest Financial Stability Report.
The CBN stated that: “At end-June 2025, the percentage of financially included Nigerians stood at 74 per cent.” This is still below the 95 percent target set by the National Financial Inclusion Strategy (NFIS), which was aimed to be achieved by the end of 2024.
The NFIS serves as Nigeria’s main framework for improving access to credit, savings, payments, insurance, and pensions.
According to the apex bank, 69,094 new agents were onboarded under the SANEF expansion scheme during the review period, bringing the total to 2,021,338 agents. This increased access points to 1,903 per 100,000 adults, further deepening financial access across the country.
“These achievements underscore the impact of strategic partnerships and targeted initiatives in expanding access to financial services nationwide,” the report noted.
The CBN highlighted the establishment of a governance structure under the NFIS, including a Steering Committee chaired by the Governor, a Technical Committee chaired by the Deputy Governor for Financial System Stability, and four working groups focusing on Products, Channels, Literacy, and Interventions.
Key initiatives undertaken during the review period included:
Expansion of fixed and mobile broadband infrastructure to improve digital connectivity.
Creation of a centralised complaints management platform for policyholders in the insurance sector.
Rollout of the Open Banking Registry.
Improved access to credit through the Secured Transactions in Movable Assets (STMA) framework.
Combating e-fraud through telecommunication platforms.
The report also noted progress in Digital Financial Services (DFS) adoption through linking Payment Service Providers with aggregators, enforcing monthly transaction reporting, and mandating corporate name display on digital platforms to build trust.
Further expansion was supported by the activities of Payment Service Banks and USSD deployment, particularly in rural areas. By mid-2025, 83 percent of adults with transactional accounts were using DFS, up from 60 percent in 2020, highlighting growing adoption of digital finance across the country.
Elijah Adeyemi
