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NEWS EXPRESS is Nigeria’s leading online newspaper. Published by Africa’s international award-winning journalist, Mr. Isaac Umunna, NEWS EXPRESS is Nigeria’s first truly professional online daily newspaper. It is published from Lagos, Nigeria’s economic and media hub, and has a provision for occasional special print editions. Thanks to our vast network of sources and dedicated team of professional journalists and contributors spread across Nigeria and overseas, NEWS EXPRESS has become synonymous with newsbreaks and exclusive stories from around the world.
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Nigerians abandoned 300,000 bank accounts in the first quarter of this year (Q1’20) even as the number of current accounts operated by bank customers declined by one million during the period.
The number of inactive bank accounts rose by 0.7 percent or 300,000 to 45.87 million in Q1’20 from 45.57 million in Q4’19.
But this represents a deceleration in the rate of bank account exits as compared to the 2.2 percent decline recorded in Q1’19. The data also showed that the number of savings account in Q1’20 grew QoQ by 19 percent to 113.95 million from 95.92 million in Q4’19 and up YoYby 28 percent from 89.1 million in Q1’19.
Quarter-on-quarter (QoQ) the number of bank accounts rose by 15 percent to 143.19 million in Q1’20 from 124.85 million in Q4’19 and up year-on-year (YoY) by 18 percent from 120.92 million recorded in Q1’19.
Further analysis showed that the number of current accounts QoQdropped by 4 percent or one million to 24.28 million in Q1’20 from 25.28 million in Q4’19 and down by 15 percent or 4.3 million from 28.56 million in Q1’19. (Vanguard)
