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About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC - Business (8) - Nairaland

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Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by sukar886: 6:14am On Nov 01, 2021
So most of this guy's popping Champaign , buy iPhone 12,buy it with there last card, wahala dey ooo
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Caseless: 6:21am On Nov 01, 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.
That's not 99.4% of our population, please.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 6:32am On Nov 01, 2021
Caseless:
That's not 99.4% of our population, please.

Okay, 99.4% of bank account holders.. like the unbanked ones are any richer.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 6:35am On Nov 01, 2021
charlsecy:
Far from it. Example, a trader may prefer to keep their wealth in goods instead of cash. That way, they are better protected from inflation, as the prices of goods keep rising. Their bank balance may be worth less than N500,000, but they are controlling goods worth over N50 million!

Okay, great... but without cash rotation, there is no transfer of wealth.

If I have cars as goods and you have buildings, who buys from us to give us cash when 99.4% has less than $1,000. Or do we start operating trade by barter?.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Nobody: 6:46am On Nov 01, 2021
zainabicy:
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.
If you get money no how no how it will overflow to your account. Even if you have building projects and businesses your account will always have at least a million or two inside that you are not using. Nigerians are broke, all the cars and properties they have where bought with years of hustling. To give you an insight since dollar sky-rocket have you been noticing the rise of 2005 and below cars? 3m is almost out of reach for the average Nigerian so they option for older models within 2m range.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Incognito403: 7:10am On Nov 01, 2021
CUMIN:

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.

You don't get the point.

If I earn 1million naira monthly, invest 400k of it monthly in a business. Spend 300k of it monthly on a house I'm building. Budget 100k for my car.

Do I have up to 500k in my account at the end of the day? No.

Does that mean I'm poor? No.

No organization uses your account balance to judge your worth. They use the value of your assets to calculate your worth.

Dangote is the richest African not because he has the highest amount in his account but because he has the biggest net worth.

Do you get the point?

1 Like

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Brarrie: 7:19am On Nov 01, 2021
zainabicy:
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.
brother nah still the same thing after everything where you go put your interest ,no be bank account??
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by ephemerallife: 7:38am On Nov 01, 2021
SmartPolician:


Oga, you need to grow up and stop promoting tribalism here. What do you typically gain from doing this every day?
Because he's a Yoruba Wannabe IPOB suffering from inferior complex
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by ephemerallife: 7:43am On Nov 01, 2021
PrinceOfLagos:

Na packaging full Lagos

Chinedu in ABA get money pass Rashidi in Lagos
Yoruba Wannabe Biafra suffering from inferior complex. You disguise as a Yoruba, abuse Yoruba everyday, condemn Lagos but you can't do without them. You can't even be proud of your state or region for once. If you know that you detest Yoruba and Lagos this much and not a bastard, why can't just leave Lagos and go to your erosion ridden, barren land.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by PrinceOfLagos: 7:49am On Nov 01, 2021
ephemerallife:
Yoruba Wannabe Biafra suffering from inferior complex. You disguise as a Yoruba, abuse Yoruba everyday, condemn Lagos but you can't do without them. You can't even be proud of your state or region for once. If you know that you detest Yoruba and Lagos this much and not a bastard, why can't just leave Lagos and go to your erosion ridden, barren land.
I am Ibile

But you can believe what you want to believe
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by ephemerallife: 7:53am On Nov 01, 2021
PrinceOfLagos:

I am Ibile

But you can believe what you want to believe
Ibile kor, Zlatan ni. Omo ale, omo aje okuta ma mu Omi.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Tpharell: 8:06am On Nov 01, 2021
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 on the 2 account by the ndic when the bank goes bankrupt
He clearly put out the correct thing there, but you deliberately decided to confuse your self, even while agreeing with him.
Your sense of comprehension is debilitating
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Algold: 10:27am On Nov 01, 2021
zainabicy:
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.

This your analysis eeeh e nor hold weight. 99% plus nor get reach N500k means as balance simply means Nigerians are poor.
If accidents happen, they go borrowing, if they felt sick; borrow, if marriage, burial, etc na borrow they end am
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Coolgent(m): 10:38am On Nov 01, 2021
zainabicy:
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.

You are right... My friend net worth is around 40m but he dont have 200k in his bank account.

2 Likes

Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by EmmaLege: 11:18am On Nov 01, 2021
Omo embarassed
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by PDPGuy: 6:04pm On Nov 01, 2021
Coolgent:


You are right... My friend net worth is around 40m but he dont have 200k in his bank account.

Elon Musk may have a net worth of over $200 billion, but he may not have up to $200 million in his bank accounts.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Samkizz20(m): 7:38pm On Nov 01, 2021
Capitalism
Cousin9999:
That's not shocking. Most of the world is "poor," based on government and common definitions, and it's by design.
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by IbeOkehie: 8:22pm On Nov 01, 2021
deleted
Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by Coolgent(m): 12:37am On Nov 02, 2021
PDPGuy:


Elon Musk may have a net worth of over $200 billion, but he may not have up to $200 million in his bank accounts.
Yeah cos keeping money idle at bank is not a wise decision

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Re: About 99.4% Of Bank Accounts Contain Less Than N500,000 - NDIC by adeomos(m): 3:07pm On Nov 05, 2021
zainabicy:
Please note that having money in your account is different from your wsorth. 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.

Soss no be say people no get money o, but them no just dey keep am for account.

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