*As Total Savings Account Increased By 13.8% In May 2020
Nigeria Inter-Bank Settlement System Plc (NIBSS) in its report said that active bank account in Nigeria rose to 111.54 million from 97.485 million active accounts, representing 14.41% growth.
According to data hosted on the website of NIBBS revealed further that Nigeria achieved 160, 038 bank accounts for the period under review, 30.31% of the accounts translating to 48.5 million accounts were dormant. However, the percentage of dormant accounts reduced within the period under review when compared to the April 2020 figures, while the absolute number increased.
A breakdown of the data indicates that as at April 2020, approximately 45. 90 million accounts were dormant which is about 32% of the total bank account obtainable, while in May 2020, the absolute number increased to 48.5 million, however it was only 30.31% of the total bank accounts which is 1.69% down.
Banks savings account went up from 114.13 million accounts recorded in April 2019 to 129.91million accounts in May 2020, showing a growth of 13.8%
While current accounts went up slightly by 3.59% to 25.17 million accounts when compared to from 24.3 million accounts.
The financial Inclusion rate as of 2018 was 63.2% which is a 4.4% increase in the 2016 figures of 56.8%. The figures are bound to improve in 2020. To achieve the 70% benchmark in 2020, it is pertinent to leverage on technology to provide affordable financial services.
