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Nairaland Forum / Nairaland / General / Business / About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC (35119 Views)
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Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Bifwoli: 6:20pm On Oct 31, 2021 |
Esseite:No its not a shame (but in reality it is) when you consider the per capita income of all Nigerians is just 2400 per year. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Asour: 6:20pm On Oct 31, 2021 |
Chriswazo: If you don't believe the NDIC, who do we believe? Me & you? Look at it this way, there are ~79.3m active bank accounts in Nigeria (2019, per statists.com). If 99.4% are =<500k, it means that 0.60% are above that number. Well, 0.6% of 79.3m is about 475,800. Pushing this numbers up a bit to 1% of 80m account = 800,000. Is it hard to think of that only about ~ 800,000 accounts (not people) have > 500k? Shouldn't be. I mean this is a Nigeria where affording a fairly used washing machine puts you in the easy middle class. A 2017 Honda CR-V (Tokunbo)? You have arrived to all your neighbours. Most Nigerians aren't rich. We'll know when we are. 5 Likes |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Mayeldah(m): 6:22pm On Oct 31, 2021 |
I think the headline is different from the article itself. I want to believe they meant that only 0.3% of depositors are not covered up to the tune of N500,000 cover in case the banks liquidates. There are millions of accounts in Nigeria with millions in it. Don't get it twisted 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by agnes7: 6:22pm On Oct 31, 2021 |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Bifwoli: 6:23pm On Oct 31, 2021 |
thesicilian:Stocks ,mutual funds and bonds can also drastically fall in value ,do you know that? 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by SarkinYarki: 6:25pm On Oct 31, 2021 |
temmypotter: Shraap .you have nothing |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Asour: 6:26pm On Oct 31, 2021 |
Mayeldah: It's the same thing. All bank accounts are covered with the NDIC to the tune of 500K. Meaning the exposure to losses are those over the insured amount AKA 0.6%. the rest of the 99.4% are fully covered. Meaning, less than 500k. Don't feel too sorry though, the top 10% of that 0.6% would be accounts > 100m - billions likely. 1 Like 1 Share |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by dingbang(m): 6:29pm On Oct 31, 2021 |
So pocohantas and seun doesnt have money 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Chriswazo(m): 6:30pm On Oct 31, 2021 |
Asour: Ok. U are right 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Bifwoli: 6:30pm On Oct 31, 2021 |
Cousin9999:That's very true ,and i sadly came to know that when i read this report last year... How much money it takes to be among the richest 50 percent ...https://www.cnbc.com › 2018/11/19 › how-much-mon... Edit,it says "if you have a net worth of just $93,170 U.S. it is enough to make you richer than 90 percent of people worldwide". 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Incognito403: 6:32pm On Oct 31, 2021 |
CUMIN:No it's not. Why will I keep my money in a dumb bank when I can invest it in many businesses. Even the banks don't keep the money. They invest it. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by BlackFlamefromP: 6:33pm On Oct 31, 2021 |
Well, to look at it in another way, the fact that somebody does not have up to 500k in his account doesn't necessarily mean he could not be worth much more than that. People who are financially wise are never comfortable leaving large chunk of their money idle in their bank account. They prefer to have their money work for them through some investments. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 6:35pm On Oct 31, 2021 |
I blame IPOB |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by nedekid: 6:35pm On Oct 31, 2021 |
klonboi:Yes 900, but before this evil regime came, it would have given you over $3000, which is a fair sum anywhere in the world. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 6:36pm On Oct 31, 2021 |
Asour: No you are very wrong. Every depositor in commercial banks are insured by the NDIC to the tune of 500k. People who have more than 500k in their bank account are not insured by the NDIC because it passes their insurance threshold. About 0.6% of account holders fall into that category. For instance, if you have 600k in a bank account, you are not covered by the ndic insurance policy. In situations like that, you create another bank account, whereby you keep 500k in one and 100k in another, that way you get insured on the 2 account by the ndic when the bank goes bankrupt 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Asour: 6:37pm On Oct 31, 2021 |
Ogaboss44: But virtually all your 'mobile' banks have commercial bank accounts. Almost no company maintains non commercial /community bank salary account. Matter of fact, all Fintech banks have somewhat limited operations as per their transactions today. Hopefully this improves. But... |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by DMerciful(m): 6:38pm On Oct 31, 2021 |
The foolish 99.4% defend the 0.6% and make sure this percentage never change for the better. The docile and foolish 99.4% |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Sleekfingers: 6:39pm On Oct 31, 2021 |
TheRareGem1: Although, Nigeria is a poor country....but that percentage is too high.....I don't believe that crap..... |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by CUMIN: 6:39pm On Oct 31, 2021 |
Incognito403: If I may ask you what's the minimum wage. Cumulatively in a year. You will understand that the stats is real. We live on less than 2dollar per day. 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Sleekfingers: 6:42pm On Oct 31, 2021 |
theForth: Oga, having less than 500k na serious poverty o.......you get properties....and no get up to 500k in your account....and you said, it is not poverty.......what kinda properties , if I may ask? 2 Likes |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Incognito403: 6:43pm On Oct 31, 2021 |
CUMIN:True, minimum wage is a good way of expressing people's welfare. But how much they have in their account isn't really a good measurement. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Femeto: 6:45pm On Oct 31, 2021 |
Show the level of poverty in the land. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Asour: 6:48pm On Oct 31, 2021 |
thebosstrevor1: Virtually ALL commercial bank accounts are insured by the NDIC. With the following (laughable) exceptions. banks don't even have a choice. Which of the exceptions below are you implying.
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Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by WoundedLamb: 6:49pm On Oct 31, 2021 |
Esseite: Just a little correction, 99.4% of accounts having less than $,1000 does not mean 99.4% of the citizens don't have up to $1,000. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by donPhill(m): 6:50pm On Oct 31, 2021 |
lexy2014:with coins dangling in the pocket WoundedLamb:me I don't have $100, please do me $5 na? SimplyFacts:thinking of marriage alone with this is suicidal 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by lexy2014: 6:50pm On Oct 31, 2021 |
SarkinYarki: "Do you know who I am?" |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by YoungRay007: 6:56pm On Oct 31, 2021 |
Nigerians now use bianance and trust wallet |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by bioman: 6:57pm On Oct 31, 2021 |
This is the only sensible comment. quote author=zainabicy post=107109361]Please note that having money in your account is different from your worth. Many salary earners who earn top salaries are involved in building projects e.t.c and other businesses that means you just keeping money in your account might not be worth it. So no be say people no get money o, but them no just dey keep am for account. [/quote] 1 Like |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by IMASTEX: 6:58pm On Oct 31, 2021 |
SarkinYarki:Lol. . . can't they play with you. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 6:58pm On Oct 31, 2021 |
Asour: Every bank account holder are insured by the NDIC to the tune of 500k. That is the law. If armed robbers rob a bank and steal depositors money then you will be paid back any amount in your account as long as it does pass the NDIC insurance threshold of 500k. E.g If a depositor has 600k in an account, imagine, armed robbers steal his money from the bank or the bank gets bankrupt, he would be paid insurance on only 500k, his 100k is gone and won't be paid. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Asour: 7:02pm On Oct 31, 2021 |
thebosstrevor1: Correct. We are saying the same thing. This statistics was supposed to be about deposit insurance. It just happened to show another phenomenon also. Which is a fairly shocking poverty level. |
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by seyz91(m): 7:04pm On Oct 31, 2021 |
SarkinYarki: |
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