OPay Deepens Financial Inclusion as Digital Finance Reaches 64.4% of Nigerians, Excluded Population Falls to 21%

Digital financial services reached 64.4 per cent of Nigerian adults in 2026, while the proportion of financially excluded Nigerians fell to 21 per cent from 26 per cent in 2023, according to the 2026 Access to Financial Services in Nigeria survey by Enhancing Financial Innovation and Access (EFInA), as digital payments provider, OPay, deepens efforts to expand access to financial services through mobile payments, transfers, savings and merchant services. The survey found that 79 per cent of Nigerian adults, representing about 94.2 million people, used a financial product or service, while formal financial inclusion rose to 73 per cent in 2026 from 64 per cent in 2023. Financial exclusion also declined from 26 per cent in 2023 to 21 per cent in 2026, while the use of digital financial services increased from 45 per cent to 64.4 per cent over the same period. The figures highlight the growing role of digital financial services in improving access to payments and other financial products, with digital payments company, OPay, among the providers operating in the expanding ecosystem. OPay, which began operations in Nigeria in 2018, offers mobile payments, money transfers, bill payments, savings, debit cards and merchant services, enabling customers to conduct several transactions without necessarily visiting a bank branch. For commercial drivers, receiving payments promptly can mean having enough money to purchase fuel and continue working. Market traders can transfer money to suppliers without leaving their shops, while families can send money to loved ones within seconds instead of undertaking long journeys. These everyday transactions illustrate the practical value of financial inclusion, particularly for people who need convenient ways to receive, send and manage money regardless of their income or location. However, the EFInA survey indicated that increased access to financial services has not necessarily translated into financial security for most Nigerians. It found that three out of every four Nigerian adults were not financially healthy, while formal credit reached only 10 per cent of adults and insurance coverage stood at five per cent. The findings underscore the need for financial inclusion efforts to go beyond account ownership and payment services to help individuals and businesses build savings, manage risks, access credit and sustain their livelihoods. OPay’s services are designed to bring everyday financial transactions closer to consumers and businesses, particularly those whose activities depend on frequent payments. According to company disclosures, more than 99 per cent of transactions initiated on its application were completed successfully on the first attempt in the first half of 2026. The company said its technology was designed to operate across a range of mobile phones, including entry-level devices, and under unstable network conditions. Reliable transactions are particularly important for people whose daily earnings depend on timely payments, as failed transactions can delay purchases, disrupt business operations and affect income. Small businesses also represent a significant segment of the country’s digital financial services ecosystem. OPay reported that more than one million merchants and businesses were on its network as of June 2026. Through digital payments, shops, food vendors and other businesses can receive money electronically, while eligible merchants providing financial services can earn commissions. The use of digital payments can save time, simplify payment collection and help business owners serve more customers. Beyond financial services, OPay said its operations contribute to employment and economic activity in Nigeria. The company has publicly stated that 99 per cent of its workforce in the country is Nigerian. Its operations support employment in customer service, technology, compliance, sales and other areas, while its merchant and agent networks provide additional income opportunities. Nevertheless, the sustainability of these benefits depends partly on the quality of customer service provided by digital financial service operators. Customers experiencing delayed transfers need clear information, while traders encountering payment problems require practical assistance. First-time users also need guidance on protecting their accounts against fraud. Listening to customers, providing timely updates and resolving complaints remain important to building trust and encouraging continued use of digital financial services. Government policies and regulations will also shape the next phase of financial inclusion in Nigeria. The Central Bank of Nigeria’s new automated teller machine guidelines require card issuers to deploy at least one ATM for every 7,500 payment cards issued, with full compliance due by 2028. While access to cash remains important, particularly for people and communities that continue to rely on cash transactions, the growing use of mobile payments and nearby merchants has created additional channels for accessing financial services. Other priorities include simplifying customer identity checks, strengthening agent networks and promoting digital financial services while maintaining robust safeguards against fraud. At the launch of Payments System Vision 2028, the CBN set out its goal of developing a secure, inclusive and innovative payments system, with collaboration and interoperability as guiding principles. EFInA Chief Executive Officer, Foyinsolami Akinjayeju, has also called on financial service providers and policymakers to measure progress by what access to financial services enables people to achieve, rather than simply by the number of accounts opened. For OPay, the opportunity lies in translating technology into practical benefits through reliable payments, stronger merchant relationships, local employment and easier access to financial services. Ultimately, the effectiveness of financial inclusion will depend not only on how many Nigerians can open accounts, but also on how many can use financial services to earn, save, trade and withstand unexpected costs. As digital finance expands, its impact will be measured by the extent to which it helps individuals and businesses participate more effectively in the economy, one customer, one business and one transaction at a time.