Nigerians abandon 300,000 bank accounts in Q1’20

Nigerians abandoned 300,000 bank accounts in the first quarter of  2020 (Q1’20) even as the number of current accounts operated by bank customers declined by one million during the period.

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 YoY  by 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 QoQ  dropped 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.