Formal & Mobile Money Savings Statistics in Nigeria (2026)
43.4% of adults in Nigeria saved at a formal financial institution or using a mobile money account in 2024, World Bank Global Findex data show. Up from 17.9% in 2021 to 43.4% in 2024 (+25.4 percentage points). Nigeria ranks #7 of 36 economies in Sub-Saharan Africa on this measure, and #43 of 142 globally.
Key Statistics
- Latest value (2024)
- 43.4% (2024)
- Formal & Mobile Money Savings in Nigeria as of 2024, the most recent observation in World Bank Global Findex data.
- Change since 2021
- +25.4 pp (2024)
- Up from 17.9% in 2021 to 43.4% in 2024 (+25.4 percentage points).
- Earliest value in this dataset (2011)
- 23.6% (2011)
- Earliest observation in this dataset, which covers 1990 onward (the source series may begin earlier). Up from 23.6% in 2011 to 43.4% in 2024.
- Record high (2024)
- 43.4% (2024)
- The 2024 value is the highest in the available World Bank Global Findex series for Nigeria.
- Rank in Sub-Saharan Africa
- #7 of 36 (2024)
- Nigeria ranks 7 of 36 countries in Sub-Saharan Africa with data, based on each country's latest value.
- Global rank
- #43 of 142 (2024)
- Nigeria ranks 43 of 142 countries with data globally.
- Sub-Saharan Africa average
- 30.8% (2024)
- Nigeria (43.4%) is above the average of 30.8% across the 36 countries in Sub-Saharan Africa with data.
- Saved at a bank or similar financial institution (% age 15+) (2024)
- 37.7% (2024)
- Related indicator from World Bank Global Findex.
- Internet use in Nigeria (2024)
- 41.2% (2024)
- 41.2% of the population in Nigeria used the internet in 2024 (World Bank); shown for context only.
- Population (2024)
- 232.7 million (2024)
- Nigeria had a population of 232.7 million in 2024 (World Bank); shown for scale only.
Trend, 2011–2024
| Year | % of adults (age 15+) | Change |
|---|---|---|
| 2024 | 43.4% | +25.4 pp |
| 2021 | 17.9% | −2.6 pp |
| 2017 | 20.6% | −6.5 pp |
| 2014 | 27.1% | +3.5 pp |
| 2011 | 23.6% | — |
Frequently asked questions
What share of adults in Nigeria saved at a formal financial institution or using a mobile money account?
43.4% of adults in Nigeria saved at a formal financial institution or using a mobile money account in 2024, according to World Bank Global Findex data.
How recent is the formal & mobile money savings data for Nigeria?
The most recent observation is from 2024. World Bank Global Findex data is reported with a lag, so 2024 is the latest available year for Nigeria.
Where does the formal & mobile money savings data for Nigeria come from?
The data comes from the World Bank Global Findex (indicator fin17a.17a1.d). The latest observation for Nigeria is from 2024; the snapshot was retrieved on 2026-06-10.
How has formal & mobile money savings in Nigeria changed over time?
World Bank Global Findex data show a rise from 23.6% in 2011 to 43.4% in 2024.
How does Nigeria compare with other countries in Sub-Saharan Africa?
Nigeria ranks 7 of 36 countries in Sub-Saharan Africa with data, with 43.4% versus a regional average of 30.8% (latest values per country).
Source & methodology
Source: World Bank Global Findex, indicator
fin17a.17a1.d, retrieved .
Figures are shown exactly as published in the source dataset; only the change column of the trend table is computed from adjacent published values.Read more on the methodology page. All figures are estimates and projections; this is not financial advice.
Last updated .