The latest data on the bank accounts in Nigeria released by the Nigerian Inter-Bank Settlement System (NIBSS) has revealed that only 59% of the bank accounts in the country as at June 2019 are active.
The decreasing percentage of active bank accounts in the Nigerian banking system have been consistent since December 2018 when the active percentage of total bank accounts dropped sharply from 66% in November to 60% in December same year.
The figures from NIBSS, further revealed that active bank accounts has increased by 1.7 million from 71.2 million in December 2018 to 72.9 million in June 2019. While inactive accounts has increased by 3.1 million from 46.3 million in December 2018 to 49.4 million in June 2019.
Meanwhile, between March 2019 and June 2019 the data on bank accounts in Nigeria, shows that while the total bank accounts increased by 1.5 million. Active bank accounts reduced by over 1 million while the inactive accounts has increased by 2.5 million.
On the type of account, the data revealed that the number of current accounts increased by 3.5 million from 25.7 million in December to 29.2 million in June 2019. Numbers of Saving accounts grew by 0.7 million from 89.1 million to 89.8 million in the same period.
Between March 2019 to June 2019, Current accounts grew by 0.7 million from 28.6 million in March while savings accounts increased by same number from 89.0 million in MArch 2019.
Nigerian banker believes that low level of economic activities activities is the primary cause of inactivity in bank accounts. It is only in a booming economy that individuals and companies will run their bank accounts effectively.