8 August 2018

Nigerians Open 11.2 Million Bank Accounts in 6 Months

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.

Vanguard 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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