Only 10.6% of Nigerians Can Raise ₦156,000 Within a Week - Report

Nigeria’s financial resilience remains weak

Nigeria’s progress in financial inclusion has not translated into comparable improvements in household financial resilience, with only 10.6 per cent of formally financially included adults able to raise ₦156,000 within seven days without difficulty.

/ You Might Also Like /

The finding comes from 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). The survey found that formal financial inclusion increased to 73 per cent in 2026, equivalent to about 87.2 million adults, up from 64 per cent in 2023 and 56 per cent in 2020.

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

Financial Access Has Not Translated Into Financial Resilience

The findings highlight a widening gap between having access to formal financial services and having enough resources to withstand economic shocks.

Among formally included adults, only 10.6 per cent could raise ₦156,000 within seven days without difficulty. The proportion fell to just 3.7 per cent among adults outside formal financial inclusion.

The broader A2F findings show that 62 per cent of Nigerian adults would find it very difficult to raise emergency money, while only 36 per cent have savings or assets capable of covering at least two months of expenses.

The results suggest that expanding access to bank accounts, digital payments and other financial services alone does not guarantee stronger household balance sheets.

Borrowing Is Increasingly Being Used to Cope

The pattern of borrowing provides another indication of financial pressure.

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

However, the purpose of borrowing has shifted. Credit used for coping and consumption increased from 31.7 per cent in 2023 to 40.8 per cent in 2026, while productive enterprise borrowing fell from 40.2 per cent to 34.3 per cent.

This represents a significant reversal in household credit behaviour. In 2023, productive borrowing exceeded coping and consumption borrowing by 8.5 percentage points. By 2026, coping and consumption borrowing had moved 6.5 percentage points ahead.

The shift suggests that a growing proportion of formal credit is being used to manage immediate household pressures rather than finance activities capable of generating additional income.

Housing and Rent Are Major Sources of Financial Pressure

The findings have direct implications for Nigeria’s housing market because rent and housing are among the leading reasons Nigerians turn to consumer credit.

Recent analysis of the A2F findings shows that rent and housing, medical expenses and school fees are prominent drivers of borrowing, reinforcing concerns that households increasingly rely on credit to meet essential costs.

For households with limited savings, high rent or a large housing-related expense can quickly become a financial shock.

This creates a difficult cycle for low- and middle-income households: limited disposable income restricts savings, inadequate savings increase reliance on credit, and borrowing for essential expenses leaves less income available for long-term asset accumulation.

Financial Stress Is Rising Among Credit Users

The growing use of formal credit is also accompanied by significant repayment pressure.

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

The pressure is particularly relevant for households already facing high housing, transport, food and education costs. Additional borrowing may provide short-term liquidity without necessarily improving underlying financial capacity.

For the housing sector, this matters because mortgage affordability depends not only on access to credit but also on stable household income, manageable debt obligations and sufficient savings for deposits and other transaction costs.

Insurance and Pensions Remain Major Gaps

The survey also identified significant weaknesses in financial protection.

Formal insurance penetration stood at just 5.2 per cent, representing approximately 6.2 million adults, while pension participation covered about nine per cent of adults. Around 93 per cent of formally included adults remained uninsured.

The low level of insurance coverage leaves many households exposed to medical, property, income and other unexpected shocks that can rapidly erode savings.

The survey found that 59.9 per cent of insured adults were financially healthy, pointing to a relationship between financial protection and stronger resilience.

Digital Finance Is Expanding Faster Than Financial Security

Digital financial services have expanded substantially, with usage rising from 45 per cent in 2023 to 64.4 per cent in 2026, equivalent to about 77 million adults.

However, access remains uneven. Digital financial service usage reached 78 per cent among urban adults compared with 47 per cent among rural residents.

The figures indicate that Nigeria is making progress in connecting households to the formal financial system, but the next challenge is ensuring those services help people save, invest, insure against risks and withstand financial shocks.

Financial Vulnerability Could Constrain Housing Demand

For the property market, weak household financial resilience can limit effective demand even when the need for housing remains extremely high.

A household may require better housing but lack the savings required for a rental deposit, mortgage equity contribution, relocation costs or other upfront expenses. Where formal credit is available, high repayment obligations can further constrain the amount households can comfortably dedicate to housing.

This makes financial resilience an important part of the broader housing affordability debate.

Expanding mortgage access without addressing household income, savings capacity, insurance coverage and the overall cost of housing could leave a significant proportion of potential buyers unable to participate.

The Next Phase Must Move Beyond Financial Access

Nigeria’s 73 per cent formal financial inclusion rate represents substantial progress, but the A2F findings suggest that the next phase of policy must focus more heavily on financial health and resilience.

The survey covered 18,679 adults across all 36 states and the Federal Capital Territory, with household listing and data collection conducted between April and June 2026.

The challenge is therefore no longer simply bringing more Nigerians into formal financial services. It is ensuring that those services help households build savings, manage debt, access productive credit and protect themselves against economic shocks.

For the housing market, stronger household financial resilience would ultimately support more sustainable rental demand, mortgage uptake and long-term property investment.

Outlook

Nigeria’s financial inclusion gains show that access to formal financial services is expanding, but the A2F 2026 findings reveal a significant gap between access and financial security. With only a small proportion of formally included adults able to mobilise ₦156,000 quickly and millions remaining financially vulnerable, household purchasing power remains a major constraint.

For housing and real estate, the implication is clear: improving access to mortgages and housing finance must go hand in hand with stronger household incomes, savings, insurance and financial resilience

READ MORE