Customers of banks in the country opened about five million new Savings accounts in December 2019 and also closed about five million Current account during the same month in 2019. Figures from the Nigerian Interbank Settlement System (NIBSS) has revealed.
The figures revealed that Savings accounts figures grew by 5 percent month-on-month in December 2019 while Current accounts figures dropped by 15 percent month-on-month in the same period.
Of the total of seven million new accounts that were opened in 2019, Savings account accounted for the entire sum while Current account had nil growth in 2019. Although the growth in Current accounts as at November 2019 was about four million of the total seven million new accounts opened as at November. But the sudden drop in the number of Current accounts in December and the growth in Savings account switch the entire growth figure in favor of Savings accounts.
The number of Current accounts dropped by about 2 percent Year-on-Year (Y-on-Y) from twenty six million in December 2018 to twenty-five million in December 2019. While Savings accounts grew by about 8 percent Y-on-Y from eighty-nine million to ninety six million in the same period.
In the last quarter of 2019, the number of Current accounts dropped by about four million representing 15 percent Quater-on-Quater (Q-on-Q) drop, while Savings account grew by about five million representing 6 percent Q-on-Q growth
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Active and Inactive accounts:
Meanwhile, of the total one hundred and twenty-five million bank accounts as at December 2019, Inactive accounts accounted for 36.5 percent, being forty six million while Active accounts amounts to seventy-nine million, representing 63.5 percent.
The Inactive accounts dropped from forty-seven million representing about 40 percent in January 2019 when the total bank accounts were one hundred and eighteen million and the numbers of active accounts were seventy two million representing over 60 percent of the total accounts in the banking industry.
Numbers of Inactive accounts dropped by one million Y-on-Y from forty-seven million in December 2018 to forty-six million in December 2019 representing a 3 percent drop while Active accounts increased by eight million from seventy-one million to seventy-nine million representing an 11 percent Y-on-Y growth.
Active accounts grew by five million Q-on-Q from seventy-five million in September 2019 to seventy-nine million in December 2019 representing a 6 percent. While Inactive account declined by four million Q-on-Q representing a 7 percent drop from forty-nine million to forty-six million in December 2019.