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Nigerians abandon 10m bank accounts in H1’19

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By Elizabeth Adegbesan

NIGERIANS abandoned 10 million bank accounts in the first half of 2019 (H1’19) prompting the number of inactive bank accounts to rise sharply by 26 percent, year-on-year, during the period.

Nigerian Inter Bank Settlement System, NIBSS, disclosed this in the June 2019 edition of its ‘Industry Customer Bank Account Data’, which also showed that Nigerians opened 10.97 million bank accounts within the same period.

The NIBSS data showed that the number of inactive bank accounts rose to 49.4 million in H1’19 from 39 million in H1’18. On quarterly basis, the number of inactive bank accounts rose by five percent in the second quarter of the year, Q2’19, from 46.89 million in Q1’19.

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On the other hand, the number of active bank accounts rose by 0.82 percent to 72.97 million in H1’19 from 72.3 million in H1’18. However, quarter-on-quarter (QoQ), the number of active bank accounts dropped by 1.1 million or 1.4 percent to72.97 million in Q2’19 from 74.03 million in Q1’19.

Further analysis revealed that the number of current accounts grew by 20 percent to 29.28 million in H1’19 from 24.4 million in H1’18 while the number of savings accounts rose by seven percent to 89.8 million from 83.9 million in H1’18.

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On quarterly basis, the number of current accounts rose by 3.0 percent to 29.28 million in Q2’19  from 28.56 million in Q1’19 while the number of savings accounts rose slightly by 0.81 percent to 89.8 million in Q2’19 from 89.05 million in Q1’19.

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