• About Us
  • AKIP
  • Live TV
  • Our Programs
  • Latest News
    • Church News
    • Politics
    • Foreign News
    • Security
  • Airtime
  • From GM’s Desk
  • Church of Nigeria
  • Contact
Facebook Twitter Instagram
  • AKIP
  • From GM’s Desk
  • Live TV
Facebook Twitter Instagram
Advent Cable Network Nigeria Advent Cable Network Nigeria
  • Home
  • About Us
  • AKIP
  • Latest News
    • Church News
    • Politics
    • Security
    • Foreign News
    • Sport
  • Live TV
  • Our Programs
  • Airtime
  • Church of Nigeria
  • Contact
Donate
Advent Cable Network Nigeria Advent Cable Network Nigeria
Home»ACNN News Update»NIBBs Reports 9.1 Million Dormant BVNs in Banks
ACNN News Update

NIBBs Reports 9.1 Million Dormant BVNs in Banks

ACNN TVBy ACNN TVApril 27, 2020No Comments2 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp
Share
Facebook Twitter LinkedIn Pinterest Email WhatsApp

The Nigeria Inter-Bank Settlement System Plc (NIBSS) has reported that 9.1 million Bank Verification Numbers (BVN) are inactive in various banks nationwide as at December 31, 2019.

A report just published by the NIBSS indicated that out of the 40.4 million total BVN enrolments, only 31.3 million BVNs remained in all banks as the end of last year.

The NIBSS report also showed that Nigerians abandoned 300,000 bank accounts in the first quarter of 2020 (Q1’20). The data showed that 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. The number of current accounts operated by bank customers also declined by 1 million during the period.

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.

The data on ATM operations showed a total number of 17,518 ATMs as at December 2019, with a total transaction volume of 839.8 million valued at N6.5 trillion between January to December 2019.

Investigations by Daily Trust on the report did not show immediately why those BVNs remained inactive but experts linked some of them to possible death of the owners, and inability to service the accounts as a significant number of bank accounts are now dormant based.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email WhatsApp

Related Posts

JUST IN: Bishops Translated, New Bishops, Archbishop Elected in the Church of Nigeria Anglican Communion

July 3, 2022

Ekweremadu and His Wife Still Innocent, Let’s Pray For Them – Venerable Unuayan

June 24, 2022

Gunmen Kidnap Another Anglican Priest And Church Worker in Anambra

June 24, 2022
Add A Comment

Leave A Reply Cancel Reply

Recent Posts

Gov. Matawalle Backs Death Penalty For Bandits, Signs Bill

June 30, 2022

Court Restrains Oyo Assembly From Further Impeachment Process Against Makinde’s Deputy, Olaniyan

June 29, 2022

Ekweremadu: Senate To Send Delegation To London

June 29, 2022

We’ll Probe Former CJN Tanko Muhammad Despite Resignation – Senate

June 28, 2022

Court Shifts Kanu’s Trial Till Nov 14

June 28, 2022
Advent Cable Network Nigeria

ACNNTV is the Televangelism arm of the Church of Nigeria (Anglican Communion) with focus to keep the orthodox faith alive through development of inspiring and life changing broadcast products.

Facebook Twitter Instagram
Quick Links
  • About Us
  • AKIP
  • Board of Management
  • Contact
  • Privacy Policy
Quick Links
  • Our Programs
  • Program Rates
  • From GM’s Desk
  • Live TV

Subscribe to Updates

Get the latest creative news from FooBar about art, design and business.

© 2022 Anglican Cable Network Nigeria,Abuja. Designed by Dominion Web.

Type above and press Enter to search. Press Esc to cancel.