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July 2009

Banking and Savings Report 2009. July 2009. The 2009 Banking and Savings Report explores the following issues: Ownership of Bank Accounts in Nigeria Saving Patterns in Nigeria Indebtedness and Access to Credit Investment Climate Remittances. Outline.

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July 2009

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  1. Banking and Savings Report 2009 July 2009

  2. The 2009 Banking and Savings Report explores the following issues: • Ownership of Bank Accounts in Nigeria • Saving Patterns in Nigeria • Indebtedness and Access to Credit • Investment Climate • Remittances Outline

  3. The survey is designed to provide executives in the banking sector with statistically robust empirical data on the patronage of banking facilities by Nigerians. • Sampling and analysis conducted with robust survey methodologies developed by The Gallup Poll. • Sample are probability based and nationally representative, n = 2,680. • Resident population age 15+. • Structured face-to-face interviews. • Interviews conducted in September 2008 as part of the larger annual Nigeria Poll. The Banking and Savings Report

  4. Ownership of Bank Accounts in Nigeria This first section of the report provides information on ownership of bank accounts by Nigerians. It has been disaggregated by: • Region; • Sex; • Age Group; • Employment Status; and • Marital Status. The service needs of bank account holders is also addressed in this section.

  5. Ownership of Bank Accounts in Nigeria Figure 1: Ownership of Bank Accounts by Region

  6. Ownership of Bank Accounts in Nigeria Figure 2: Ownership of Bank Accounts by Sex

  7. Ownership of Bank Accounts in Nigeria Figure 3: Ownership of Bank Accounts by Age Group

  8. Ownership of Bank Accounts in Nigeria Figure 4: Ownership of Bank Accounts by Employment Status

  9. Ownership of Bank Accounts in Nigeria Figure 5: Ownership of Bank Accounts by Marital Status

  10. Ownership of Bank Accounts in Nigeria Figure 6: Most Important Service for Bank Account Owners

  11. Saving Patterns in Nigeria This second section of the report examines patterns of saving in Nigeria by: • Region; • Sex; • Age Group; • Employment Status; and • Marital Status.

  12. Saving Patterns in Nigeria Figure 7: Saving by Region

  13. Saving Patterns in Nigeria Figure 8: Saving by Sex

  14. Saving Patterns in Nigeria Figure 9: Saving by Age Group

  15. Saving Patterns in Nigeria Figure 10: Saving by Employment Status

  16. Saving Patterns in Nigeria Figure 11: Saving by Marital Status

  17. Saving Patterns in Nigeria Figure 12: How do people Save in Nigeria

  18. Indebtedness and Access to Credit in Nigeria This third section of the report addresses the level of debt among Nigerians and is classified by: • Region; • Sex; • Age Group; • Employment Status; and • Marital Status. Evidence on source of credit is also addressed in this section.

  19. Indebtedness and Access to Credit in Nigeria Figure 13: Indebtedness by Region in Nigeria

  20. Indebtedness and Access to Credit in Nigeria Figure 14: Indebtedness by Sex

  21. Indebtedness and Access to Credit in Nigeria Figure 15: Indebtedness by Age Group

  22. Indebtedness and Access to Credit in Nigeria Figure 16: Indebtedness by Employment Status

  23. Indebtedness and Access to Credit in Nigeria Figure 17: Indebtedness by Marital Status

  24. Indebtedness and Access to Credit in Nigeria Figure 18: Who Do You Owe the Most Money to?

  25. Indebtedness and Access to Credit in Nigeria Figure 19: Sources of Credit

  26. Investment Climate in Nigeria Figure 20: Business and Credit

  27. Investment Climate in Nigeria Figure 21: Did you need Credit to start a business?

  28. Investment Climate in Nigeria Figure 22: Were you able to obtain any credit at all in starting this business?

  29. Investment Climate in Nigeria Figure 23: Government Empowering of SMEs

  30. Investment Climate in Nigeria Figure 24: Impediments

  31. Remittances in Nigeria Figure 25: Remittances from outside Nigeria • 16 percent have relatives living outside Nigeria. • 55 percent of those with relatives living outside of Nigeria say they receive some form of remittance. • Of those that receive remittances:

  32. 23% of all Nigerians say they have a bank account: • More males: 28% males, 17% females; • Highest number of bank account holders are aged between 30 – 45 yrs (30%); • Evidence shows that ownership of bank account is highest amongst married people (25%); and • Highest percentage in Lagos (30%). • Wide ATM Network (33%), Wide Branch Network (27%) and Online Banking (17%) are the 3 most important services for bank account holders. SUMMARY

  33. Over 4 in 10 (45%) Nigerians have some form of savings. • 4 regions are reported to have higher savings than the national average of 45%: • North-Central, South-West without Lagos, Lagos, and North-East; • More males (50%) than females (41%) have savings; • Again age group 30 – 45yrs (56%) have the highest savings, followed by 46 yrs & older (47%); and • Those who are married are more likely than others to have some form of savings. • Majority of the respondents polled (76%) were members of at least 1 informal savings scheme- esusu/ajo/adeshi. • When asked how they saved money: • 39% said they used savings accounts, while 37% said they used an informal saving scheme; and • Only 7% reported using a cooperative scheme. SUMMARY

  34. On average, 28% of all Nigerians said they owed money: • More males: 30% males, 25% females; • Highest number who owed money was in the North-Central zone, with 33% indebted; • Amongst the age group, 30 – 45 yrs owed more than any other age group; and • Those who are married are also more likely than the unmarried, separated, divorced and widowed to owe money. • When asked “Who do you owe money to?” • 6 in 10 owed to friends, followed by family (18%), money lenders (5%), community groups (4%), Banks (2%) and microfinance institutions (<1%). • 53% of all respondents had access to credit: • 8 in 10 borrowed from friends; • 3 in 4 said they borrowed from family members; and • Only 6% chose the bank. SUMMARY

  35. Banking and Savings Report 2009 QUESTIONS/COMMENTS

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