Nigerians dumped 300,000 bank accounts in Q1 2020 —NIBSS

Bank accounts totalling 300,000 were abandoned by Nigerian bank account holders in the first quarter of 2020, the latest statistics from the Nigerian Interbank Settlement Scheme has revealed.

Between Q4 2019 and the period under review, the number of current accounts in the country contracted by one million, implying increasing apathy in that category of accounts among Nigerians.

Inactive current accounts climbed up quarter on quarter at the rate of 0.7%, moving from 45.57 million in Q4 2019 to 45.87 million in Q1 2020.

However, a decline was posted at the rate of bank account exit in Q1 2020 relative to the Q1 2019, when 2.2% was reported.

Savings accounts expanded by 19% to 113.95 million up from the 95.92% recorded in Q4 2019.

They also rose by 28% year on year from 89.1 million in Q1 2019.

Bank accounts increased quarter on quarter, moving to 143.19 million in Q1 2020 up from 124.85 million.

Quarter on quarter, current accounts fell by 4% to 24.28 million from 25.28 million in Q4 2019.