A financial system is a conglomerate of various markets, instruments, operators and institutions that interact within an economy to provide financial services such as resource mobilization and allocation, financial intermediation and fercilitation of foreign exchange transactions.

The finance and insurance sector is one that has experienced the highest growth in Nigerian economy especially since after the introduction of the Structural Adjustment Program (SAP) in 1986.

https://www.timesnigeria.com.ng/2020/08/the-history-of-insurance-in-nigeria.html?m=1