Nigerians Ignores 300,000 Bank Accounts In The First Quarter Of 2020

Nigerians have ignored 300,000 bank accounts in the first quarter of this year 2020 (Q1’20). Despite the declined by one million in the numbers of current accounts operated by bank customers during the coronavirus pandemic period.

Brandnewsday reports that the number of inactive bank accounts has jumped to 0.7 per cent or 300,000 to 45.87 million in the Q1’20 from 45.57 million in Q4’19.

However, this report represents a decrease in the rate of bank account existing as compared to the 2.2 per cent decline recorded in Q1’19. The data also revealed that the number of savings accounts in Q1’20 grew QoQ by 19 per cent to 113.95 million from 95.92 million in Q4’19 and up YoY by 28 per cent from 89.1 million in Q1’19.

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Meanwhile, data on the Quarter-on-quarter (QoQ) showed that the number of bank accounts increased by 15 per cent to 143.19 million in Q1’20 from 124.85 million in Q4’19 and up Year-on-Year (YoY) by 18 per cent from 120.92 million recorded in Q1’19.

In a further analysis, reports revealed that the number of current accounts Quarter-on-Quarter declined by 4 per cent or one million to 24.28 million in Q1’20 from 25.28 million in Q4’19 and down by 15 per cent or 4.3 million from 28.56 million in Q1’19.