Inactive bank accounts hits 4m as active accounts up 8% YoY

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INACTIVE bank accounts rose by four million or 10 per cent to 45 million in one year period ending October 31, 2019, from 41 million as at the same period of 2018.

Financial Data released by the Nigerian Inter-Bank Settlement System (NIBSS) also revealed that the number of active bank accounts increased by 6.8 per cent to 79 million in October 2019 from 74 million in October 2018.

NIBSS also revealed that the total number of bank accounts grew Year-on-Year, YoY, by eight per cent to 124 million accounts as at October 31 from 115 million accounts in October 2018, implying that nine million new bank accounts were opened during the period.

Further analysis, however, showed a faster growth rate of 20 per cent in the current account at 30 million from 25 million while the number of savings accounts rose by six per cent to 91 million from 86 million.

Moreover, the e-banking platforms continued to experience most robust growth in the industry during the period, as the data indicated that the value of NIBSS Instant Payment (NIP) transactions grew by 29 per cent to N9 trillion from N7 trillion in October 2018 while the volume of NIP transactions rose by 53 per cent to 107 million transactions from 70 million transactions in October 2018.

The volume of Point of Sale (PoS) transactions rose by 69 per cent to 404 million transactions from 239 million in October 2018 while the value of PoS transactions grew by 36 per cent to N288 billion from N212 billion in October last year.

Further analysis showed that the volume of transactions performed using mobile phones (Mobile Inter scheme) grew by 953 per cent to six billion in October 2019 from 569.8 million transactions in October 2018 while the value of mobile transactions rose by 373 per cent to N104 billion in October 2019 from N22 billion in October 2018.

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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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