Nigerians open 4m bank accounts in Q1’19

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As inactive bank accounts rise to 49m

By Elizabeth Adegbesan

NIGERIANS opened  four million bank accounts in the first quarter of 2019, Q1’19.However, the number of inactive bank accounts rose by 1.7 million or 3.0 percent to 49 million during the period from 47 million in Q4’18, a development attributed to the rate of poverty and lack of access to credit by individuals in the country.

Financial Vanguard analysis data from the Nigeria Interbank Settlement System, NIBSS, on bank accounts for Q1’19, showed that the number of bank accounts increased by 3.5 million or 3.0 percent to 121.638 million from 118.089 million in Q4’19. The number of active bank accounts rose by 1.7 million or 2.5 percent to 73 million in Q1’19 from 71.2 million in Q4’18.

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NIBSS further revealed that the number of savings accounts increased slightly by 0.18 million or 0.2 percent to 89.3 million in Q1’19 from 89.1 million in Q4’18 while the number of current account rose by…



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