Nigeria: financial services usage by type 2023

As of 2023, 64 percent of Nigeria's population used remittances, compared to other financial services. Moreover, a share of 62 percent used savings. On the other hand, only three percent of the population used insurance services that year.

Share of population using financial services in Nigeria from 2018 to 2023, by type

Characteristic	2018	2020	2023
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-	-	-	-
-	-	-	-
-	-	-	-
-	-	-	-

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Release date

December 2023

More information

Region

Nigeria

Survey time period

2018 to 2023

Number of respondents

26,930 respondents

Age group

18 years and older

Method of interview

Questionnaire

Supplementary notes

The questionnaire (in English) was translated into and administered in Hausa, Yoruba, Igbo and Pidgin English. The questionnaire (in English), was translated into and administered in Hausa, Yoruba, Igbo and Pidgin English.
Data is nationally representative of adults in Nigeria across the country's 36 states and FCT Abuja.
Savings: includes saving at home and with family and friends.

Credit: includes borrowing from family and friends.

Transaction: captures those who have access to/use formal transactional accounts-commercial banks, microfinance banks, mobile money accounts

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