Esseite:
It's a shame to even say 99.4% of your citizens dont have upto $1,000. How then are you fighting corruption, insecurity, out of school children and vote buying?

The quickest and effective way out is to introduce the mortgage system to the middle and lower class.

Chriswazo:
Really. That's 750 Eur.
I don't believe this stat for business cities like Aba and so on.

In simple terms, if U have even 20mil in a bank and it liquidates tomorrow, U can only get 500,000 naira back, this is a very low sum honestly, coverage should be up to a mil at least.

Joseph08:


You're also part of the 99.4%

thesicilian:
Most wise people prefer to save their moneys in assets such as lands and landed properties, stocks, mutual funds, bonds, profit yielding businesses etc instead of bank accounts.

temmypotter:


You are an aboki, that's why you fail to realize no one is keeping money in traditional banks anymore. Seek wisdom

Mayeldah:
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 millions of accounts in Nigeria with millions in it.

Don't get it twisted

Asour:


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.

Cousin9999:
That's not shocking. Most of the world is "poor," based on government and common definitions, and it's by design.

CUMIN:
This a confirmation that Nigeria is supreme headquarters of grand hopeless poverty.

klonboi:

You mean less than 900 dollar?

Asour:


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.

Ogaboss44:
Nigerians and misinterpretation, not having up to 500k in your bank account doesn't mean you are poor.

Some Nigerians prefer mobile banks, some are into crypto investment like block chain, while some prefer street ways of saving money(if you know what I mean)

TheRareGem1:


https://www.vanguardngr.com/2021/10/just-in-99-4-of-bank-accounts-contain-less-than-n500000-ndic/

Incognito403:

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.

theForth:


You could have properties though, having less than 500k in an account doesn't translate to being poor.

CUMIN:


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.

thebosstrevor1:


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 by the ndic when the bank goes bankrupt

Esseite:
It's a shame to even say 99.4% of your citizens dont have upto $1,000. How then are you fighting corruption, insecurity, out of school children and vote buying?

The quickest and effective way out is to introduce the mortgage system to the middle and lower class.

lexy2014:


"Do you know who I am?"

WoundedLamb:


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%.

SimplyFacts:


And one would be wondering why the thoughts of marriage don't cross most single guys' minds these days .

SarkinYarki:
That's why if I see nay idiot in Lagos shouting do u know me I start laughing

SarkinYarki:
That's why if I see nay idiot in Lagos shouting do u know me I start laughing

Asour:


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.

thebosstrevor1:


Every 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.

SarkinYarki:
That's why if I see nay idiot in Lagos shouting do u know me I start laughing