Moniepoint has expressed support for the expansion of cash-flow-based lending in Nigeria, following the release of the Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria (A2F) 2026 Survey. The survey reveals a significant increase in formal credit access, with 10 percent of adults now having access to formal credit, nearly double the 2023 figure. This development aligns with Moniepoint's lending model, which assesses borrowers based on their business performance rather than relying solely on collateral.
The EFInA A2F 2026 Survey, conducted across all 36 states and the Federal Capital Territory, drew on over 18,600 interviews conducted between April and June 2026. The survey serves as a key benchmark for financial inclusion in Nigeria, having done so since 2008. According to the survey, formal financial inclusion in Nigeria has risen to 73 percent, representing an estimated 87.2 million adults. This progress indicates a broader shift in the financial system, but further growth will depend on lending models that can reach businesses and individuals who may not meet conventional credit requirements.
Moniepoint's cash-flow-based lending approach assesses the underlying strength of a business by examining its financial activity and ability to generate and manage cash. This method is particularly relevant for small businesses and entrepreneurs whose limited formal collateral may otherwise restrict their access to bank credit. The company believes that expanding cash-flow-based underwriting can help build on gains in financial inclusion, particularly among women business owners and farmers. Formal financial inclusion among women business owners increased from 67.5 percent to 76.3 percent, while the figure for women farmers rose from 42.7 percent to 53.6 percent.
The survey also highlights the importance of trust in driving financial participation. According to the survey, 96.9 percent of adults who trust their financial provider had conducted a financial transaction within the previous 90 days, compared with 65.6 percent among those who did not trust their provider. This 31.3 percentage-point gap suggests that expanding access alone may not be sufficient to deepen financial participation. Moniepoint Co-Founder and Group Chief Executive Officer, Tosin Eniolorunda, emphasized the importance of trust, noting that access must be accompanied by reliability and trust.
Eniolorunda's statement reflects Moniepoint's experience with its own customers, with 83 percent of users reporting an improved quality of life and 85 percent reporting greater confidence in achieving their financial goals. These figures demonstrate the relationship between financial wellbeing and quality of life, highlighting the impact of reliable access to financial services on economic stability. Moniepoint's focus on building trust has been central to its operations, and the company aims to continue working with EFInA and financial-sector regulators to translate the survey's findings into solutions that expand credit access.
Moniepoint's Vice President of Corporate Affairs, Edidiong Uwemakpan, described the A2F Survey as a major reference point for financial inclusion in Africa. She emphasized that the survey's findings should encourage fintechs, commercial banks, and policymakers to focus not only on expanding access but also on designing financial products around the needs of underserved Nigerians. Uwemakpan noted that the company would continue working with EFInA and regulators to develop solutions capable of expanding credit access across the country.
With formal credit access still reaching only one in 10 adults, the survey suggests that significant room remains to bring more entrepreneurs into the formal credit system. Moniepoint's support for cash-flow-based lending and its focus on underserved entrepreneurs, particularly women in trade and agriculture, are expected to inform the next phase of its inclusive lending strategy. The company's efforts aim to address the remaining challenges in financial inclusion and contribute to Nigeria's progress towards the National Financial Inclusion Strategy's target of 40 percent formal credit penetration.
Key points
- Formal credit access in Nigeria has nearly doubled to 10 percent, driven by financial inclusion efforts.
- Moniepoint supports cash-flow-based lending as a means to deepen credit access for underserved entrepreneurs.
- Trust has emerged as a key driver of financial participation, with 96.9 percent of adults who trust their financial provider conducting a financial transaction within the previous 90 days.
