Nigeria’s digital finance use reached 64.4% of adults in 2026, while regulators require covered lenders to disclose loan costs and provide complaint channels as adoption expands.
Enhancing Financial Inclusion and Advancement (EFInA) found that use of digital financial services rose from 34% in 2020 and 45% in 2023. Its A2F 2026 survey also found that 79% of Nigerian adults used a financial product or service, while formal financial inclusion reached 73%.
The survey reported that 33% of digital-service users were financially healthy, compared with 9.1% of nonusers. EFInA described an association between service use and financial health; the figures do not establish that digital services caused better outcomes.
At the survey launch, remarks delivered on behalf of Central Bank of Nigeria Gov. Olayemi Cardoso said policy should consider how people use financial services, including whether they are affordable, reliable and safe, as well as whether people can access them.
In an Oct. 23 report, BusinessDay quoted James Edeh, FairMoney Microfinance Bank’s head of compliance, saying safeguards should inform how providers design products, make lending decisions, communicate with customers and respond to complaints. Edeh urged providers to give clear information on loan terms and charges, lend responsibly, protect personal data and offer credible ways to raise complaints.
The Central Bank of Nigeria’s Consumer Protection Regulations apply to institutions it licenses or regulates. They address unfair practices, transparency and consumers’ access to complaint redress.
Separate rules from the Federal Competition and Consumer Protection Commission (FCCPC) took effect July 21, 2025. They require covered digital lenders to disclose interest rates, repayment terms and fees in clear, simple English before a loan transaction, and provide for complaint redress. The FCCPC says the rules cover nonbank providers of unsecured digital consumer credit, including microfinance institutions, but not deposit money banks.
The FCCPC said implementation resumed after a Federal High Court ruling on July 20, 2026, following a suspension in April. The commission said complaints about exploitative lending, privacy violations, abusive loan recovery and harassment prompted the rules, which it says are intended to protect consumers.
