Bank Accounts in Nigeria Rise by Over 66m, Now More than the Total Population Of Ghana, 12 Countries Combined

Bank Accounts in Nigeria Rise by Over 66m, Now More than the Total Population Of Ghana, 12 Countries Combined

  • NIBSS has revealed that 66.6 million new bank accounts were opened in Nigeria within the space of two years
  • The new accounts were opened between December 2019 to December 2021 as banks leverage heavily on technology
  • According to the Central Bank of Nigeria (CBN), there are 23 commercial banks authorised to operate in the country

The latest figures released by the Nigeria Inter-Bank Settlement Systems (NIBSS) have revealed the number of bank accounts in Nigeria is now 191.4 Million as at the end of December 2021.

This is a 66.6 m million increase from the total number of bank accounts at 118.1 million as at the end of December 2019.

However, there is a stack difference between the number of account holders and the active accounts in Nigeria.

Nigerian banks, customers, Ghana, African countries
Nigeria now has more bank accounts than the population of West African countries combined.

According to the NIBSS data, out of the 191.4 million bank accounts in the country, only 133.5 million accounts or 69.74% were active as at the end 2021.

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A breakdown of the total bank accounts shows there are 49.8 million current accounts, 120.4 million savings accounts, 8.9 million corporate accounts and 179.2 million individual accounts.

Bank accounts in Nigeria/Population of West African countries

The latest NIBSS data on the number of bank accounts in Nigeria, interestingly, shows that if the number of accounts is equal to the population of a nation, it will be higher than the population of 11 West African countries combined.

The countries include Ghana, Ivory Coast, Senegal, Togo, Mali, Benin, Liberia, Niger, Guinea and Sierra Leone.

Together the aforementioned countries' population according to data compiled from Worldmeter is put at 172.83 million which is lower than 191.4 million total bank accounts.

Population of West African Countries

  • Ghana 32,253,975
  • Ivory coast 27,513,793
  • Senegal 17,510,912
  • Togo 8,616,046
  • Mali 21,264,605
  • Benin 12,675,167
  • Liberia 5,264,344
  • Niger 25,729,079
  • Guinea 13,751,974
  • Sierra Leone 8,259,046

Ecobank leads as 10 commercial banks spend over N400bn on staff salaries

Meanwhile, had earlier reported that working in the banking industry is a dream for many Nigerian graduates because they believe there is a lot of money to be made

The report showed how ten commercial banks paid workers salaries and wages of over N400 billion in 2021.

The amount captured in the report only covers salaries and wages and does not include other staff costs, pension contribution that makes up personnel cost.


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