Over 5m Nigerians abandon bank accounts as life gets tougher

The tough economic situation in the country is forcing Nigerians to abandon their bank accounts.

According to the latest fact sheet data published by the Nigerian Interbank Settlement System (NIBSS) Electronic payment, the total number of inactive bank accounts stood at 57.9 million in 2021.

This is a rise of over five million or 11 per cent when compared to 52.2 million in 2020 inactive accounts.

The numbers are expected to grow further as Nigerians continue to battle the rising price of goods and services.

Read also: 700,000 bank accounts linked to BVN in three months

According to a report by Picodi, an international e-commerce company, the price of essential foodstuff requirement for one adult stood at N40,980 Naira. This is above the N30,000 minimum wage.

In fact, seven states are yet to implement the minimum wage, meaning several Nigerians are being paid below N30,000.

Recently, President BCAN, Dr. Uju Ogubunka, listed the drivers of inactive accounts in the banks to include the increase in the prices of goods and services, low income accompanied by the low purchasing power of Nigerians, increasing rate of unemployment and immigration, among other things.

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