About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC - Business (6)

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About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC - Business (6) - Nairaland

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Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Peemonny(m): 7:04pm On Oct 31, 2021

Big lie, believe this at Ur own discretion rich men don't want u to know de have money nonsense

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by dheaven: 7:04pm On Oct 31, 2021

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.

You brought it down to a lay man understanding. That's very good. Meaning about 800,000 bank accounts still have above 500k in their accounts. Some accounts may be reading in millions and billions. Anywhere in the world it's just a few people that are millionaire's.

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Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by seyz91(m): 7:04pm On Oct 31, 2021

PrinceOfLagos:

Shishi no dey dia pocket

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by seyz91(m): 7:05pm On Oct 31, 2021

TheRareGem1:

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by seyz91(m): 7:05pm On Oct 31, 2021

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

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by joshmee4real(m): 7:05pm On Oct 31, 2021

Dont be deceived . Hustle o
People get Maney for this country o.
Them no put am for bank

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Newboss(m): 7:07pm On Oct 31, 2021

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.

They didn't say those guys don't have house.

You can build a house without being a millionaire.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 7:08pm On Oct 31, 2021

Asour:

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.

We are not saying the same thing. Are you considering the fact that 1 person might have 6 accounts in different accounts with significant amounts of money in them.

For instance, Some people might have 10k in one account and 500k in another account

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by KoshCAD: 7:08pm On Oct 31, 2021

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

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by CUMIN: 7:08pm On Oct 31, 2021

Incognito403:

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.

If the minimum wage is 30k

30x12= 360k.

The average salary in private sector is 50k

50x12 = 600k.

Even if you're save 10% of any of the above you can only get to 500k in 4years.

The statistics is very right.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Sleekfingers: 7:10pm On Oct 31, 2021

TheRareGem1:

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

That means less than 200 thousand of nigerians are ones having more than 500, 000 naira in accounts abi? Make una continue

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Reference(m): 7:12pm On Oct 31, 2021

klonboi:

You mean less than 900 dollar?

The widespread poverty ravaging Nigeria is a stark reality.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by KoshCAD: 7:17pm On Oct 31, 2021

PrinceOfLagos:

Na packaging full Lagos

Chinedu in ABA get money pass Rashidi in Lagos

Mumu number1

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Boniwhite: 7:18pm On Oct 31, 2021

PrinceOfLagos:
Na packaging full Lagos
Chinedu in ABA get money pass Rashidi in Lagos

wic side u base?

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Asour: 7:19pm On Oct 31, 2021

thebosstrevor1:

We are not saying the same thing. Are you considering the fact that 1 person might have 6 accounts in different accounts with significant amounts of money in them.

For instance, Some people might have 10k in one account and 500k in another account

That makes it even worse.
Meaning if they use unique account names i.e. BVNs, much smaller % than 0.6% would have 500k & above.

I assumed a more optimistic estimate of 1 account pers person which I know is not true. It's much worse with BVN.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by badman007(m): 7:21pm On Oct 31, 2021

Minimum wage is 30,000

Do they expect people to steal?

Average salary in UK is £23,000Yearly (Depends on where you live) multiply that 16.6x. I don’t think you’d find up to 10% of that in UK.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Newboss(m): 7:23pm On Oct 31, 2021

Financial illiteracy is written all over this thread.

How much should they have in the bank accounts? Over 500k?

So you will stack up millions in your bank account instead of using that 150k to further develop your land or even buy that new crypto?

Sqiud coin cryptocurrency went up 40000% in less than a month of being launched. If you bought 100k Naira worth of Squid coin cryptocurrency, your asset would be worth at least 40m Naira.

Only financial illiterates leave millions in bank accounts except for business purposes.

Who you wan impress with your bank account balance? No one even knows your balance sef.

Many people have less than 100k in their bank accounts but millions of Naira pass through their bank account every month. Mumu man, invest!

1 Like

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Gentlerespect76: 7:25pm On Oct 31, 2021

TheRareGem1:

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

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Kay25(m): 7:25pm On Oct 31, 2021

PrinceOfLagos:

Na packaging full Lagos

Chinedu in ABA get money pass Rashidi in Lagos

make chine du come stay for lagos for 1 month if him pocket no go go down ..can u compare lagos life to aba's life?yes I know things are expensive too in aba but u can live with the little u have in aba very well than lagos..

1 Like 1 Share

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by EMIOMOADEOYE: 7:28pm On Oct 31, 2021

I think we are all missing the point here.

The real question we should be asking is that what are 99.4% of Nigerians doing with their money.

It tells me Nigerians are moving their money somewhere else.\

Its not logical that the entire nation will have les than 500k in their account.

Besides, these figures is merely an average.

I know about 10 people near me who have way more than that. And they are very ordinary people.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by pfadom: 7:30pm On Oct 31, 2021

So about 1.2 million Nigerians control the millions and billions. O Lord, elevate me to the next level.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Blackdisciple(m): 7:35pm On Oct 31, 2021

Omohhhh...!

Hmmmm...
Were is Nigeria heading to..??

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Fortune109: 7:42pm On Oct 31, 2021

Waakanda:
Na 2k full everywhere

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by thesicilian: 7:42pm On Oct 31, 2021

Bifwoli:
Stocks ,mutual funds and bonds can also drastically fall in value ,do you know that?

So can cash and real estate. The key is decision making intelligence

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 7:44pm On Oct 31, 2021

Wrong headline and most idiots didn't even read the article. You can tell that nairaland is full of idiots.

2 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by meobizy(f): 7:44pm On Oct 31, 2021

Yet when I say millionaire no dey Nairaland, idiots here would type incendiary epistles as if they get paid for them. Thank God I'm part of the .6%.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 7:49pm On Oct 31, 2021

Asour:

That makes it even worse.
Meaning if they use unique account names i.e. BVNs, much smaller % than 0.6% would have 500k & above.

I assumed a more optimistic estimate of 1 account pers person which I know is not true. It's much worse with BVN.

Take for instance, if one person has 6 account with each account having 200k isnt that 1.2 million. Apparently, there are lot of Nigerians with the example i wrote.

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by manee2(m): 7:54pm On Oct 31, 2021

PrinceOfLagos:

Na packaging full Lagos

Chinedu in ABA get money pass Rashidi in Lagos

1 Like

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Kfg1: 7:56pm On Oct 31, 2021

Elshaddai

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by tibatobi: 7:57pm On Oct 31, 2021

Why do you expect me to live my money in Nigeria banks that will end up deducting it to the last kobo,be like NDIC dey mad....

1 Like

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Pennywise(m): 8:01pm On Oct 31, 2021

How come Nigerians are able to drive net purchases exceeding that of any other African nation

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Lxc1: 8:09pm On Oct 31, 2021

Really

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