People 15 Years and Over with Account at a Formal Financial Institution for Nigeria
DDAI05NGA156NWDB • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
45.14
Year-over-Year Change
52.15%
Date Range
1/1/2011 - 1/1/2021
Summary
This economic trend measures the percentage of the Nigerian population aged 15 and older who have an account at a formal financial institution. It provides insight into financial inclusion and access to banking services in the country.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The 'People 15 Years and Over with Account at a Formal Financial Institution for Nigeria' metric tracks the share of the adult population in Nigeria that utilizes formal banking products and services. This data point is a key indicator of financial development and economic progress.
Methodology
The data is collected through household surveys conducted by the World Bank.
Historical Context
This trend is used by policymakers, economists, and financial institutions to assess financial inclusion and guide policies aimed at expanding access to banking.
Key Facts
- Nigeria's financial inclusion rate was 40% in 2017.
- The gender gap in account ownership is 6.4 percentage points.
- Mobile money accounts make up 39.7% of total accounts in Nigeria.
FAQs
Q: What does this economic trend measure?
A: This trend measures the percentage of the Nigerian population aged 15 and older who have an account at a formal financial institution, such as a bank, credit union, microfinance institution, or mobile money provider.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into financial inclusion and access to banking services in Nigeria, which are key indicators of economic development and financial sector progress.
Q: How is this data collected or calculated?
A: The data is collected through household surveys conducted by the World Bank as part of the Global Findex database.
Q: How is this trend used in economic policy?
A: Policymakers, central banks, and financial institutions use this data to assess financial inclusion and guide policies aimed at expanding access to banking and other financial services.
Q: Are there update delays or limitations?
A: The data is updated every 3 years, with the most recent data point available for 2017. There may be limitations in coverage or self-reporting in household surveys.
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Citation
U.S. Federal Reserve, People 15 Years and Over with Account at a Formal Financial Institution for Nigeria (DDAI05NGA156NWDB), retrieved from FRED.