Nigerian bank customers opened a total of six million seven hundred and fifty-nine thousand (6.759m) new accounts in the year 2019. The industry statistics figures from the Nigerian Interbank Settlement System (NIBSS) has revealed.
The significant growth in numbers of bank account may not be unconnected with the positive impact of the Central Bank of Nigeria (CBN) Financial Inclusion drive. The CBN had shifted the target date for the achievement of 80 percent Financial inclusion of all eligible adult Nigerians to financial services to 2024 from its target date of 2020 and with a new target of 95 percent.
- What you need to know about joint bank accounts
- January Inflation rate, highest in 2 years
- Full list of Nigerian Bank USSD codes
- Profile of Adesola Adeduntan, FirstBank CEO
- More customers excited over Polaris Bank Salary Loan
Active and Inactive Accounts: In the same vein, the number of Active bank accounts grew a lot more that the number of Inactive bank accounts. Active bank accounts increased by 11.3 percent from 71.2 million in December 2018 to 79.3 million in December 2019, while Inactive accounts reduced by 2.8 percent from 46.9 million in December 2018 to 45.6 million in December 2019.
The number of inactive bank accounts peaked in the third quarter of 2019 at 49.9 million in August, the highest figure ever before it dropped and close 2019 at 45.6 million. While the number of active bank accounts was hi9ghest in December 2019 at 79.3 million bank accounts
Current and Savings Accounts: The number of Current accounts however reduced by 1.6 percent from 25.7 million to 25.3 million between December 2018 and December 2019. While Saving accounts increased by 7.6 percent from 89.1 million to 96.9 million during the same period