Over 5m Nigerians abandon bank accounts as life gets tougher

Lazy eyes listen


Nigerians are abandoning their bank accounts due to the country’s difficult economic situation.

According to the most recent fact sheet data from the Nigerian Interbank Settlement System (NIBSS) Electronic payment, the total number of inactive bank accounts in 2021 was 57.9 million.

When compared to 52.2 million inactive accounts in 2020, this represents an 11% increase.

The figures are expected to rise further as Nigerians grapple with rising prices for goods and services.

In three months, 700,000 bank accounts were linked to BVN.

According to Picodi, an international e-commerce company, the cost of essential foodstuffs for one adult is N40,980 Naira. This is higher than the N30,000 minimum wage.

In fact, seven states have yet to implement the minimum wage, which means that many Nigerians are paid less than N30,000.

Dr. Uju Ogubunka, President of BCAN, recently listed the drivers of inactive accounts in banks as rising prices for goods and services, low income accompanied by low purchasing power of Nigerians, rising unemployment and immigration, among other things.