Nigerians opened 11.2 million bank accounts in the half of 2018

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Nigerians opened 11.2 million bank accounts in the first half of 2018 (H1’2018) comprising 8.3 million savings accounts and 1.8 million current accounts.

However, the number of inactive bank accounts rose by one million during the period.

Analysis of Industry Customer Bank Account data released by the Nigeria Inter-Bank Settlement System (NIBSS) showed that the number of bank accounts opened by Nigerians rose to 111.4 million in June, 2018 from 100.2 million in December 2017, representing 11.2 million or 11.2 percent increase.

However, on a year-on-year (YoY) basis, number of bank accounts opened increased by 14 percent in H1’18 when compared to 98 million bank accounts opened in H1’17.

A breakdown of bank accounts opened in H1’18 showed that the number of new savings accounts rose by 11 percent or 8.3 million to 83 million in June 2018, from 74.6 million savings accounts in December 2017.

When compared to the 70 million savings accounts opened H1’17, savings accounts opened in H1’18 rose by 19 percent. The number of current accounts also grew by 8 percent or 1.79 million to 24.39 in June from 22.6 million in December 2017.

The H1’18 figure, however, represents five percent drop when compared to 25 million current accounts opened in H1’17. Further analysis also revealed that the number of active bank accounts rose by 15 percent to 72.69 million in June, 2018 from 63.5 million in December 2017.

The H1’18 figure represents a nine percent increase when compared to 67 million recorded in H1’17. On the other hand, the number of inactive bank accounts rose by one million or 3.0 percent to 39 million in June 2018 from 38 million in December 2017.

The H1’18 figure represents a 25 percent increase when compared to 31 million inactive bank accounts recorded H1’17.

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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