A savings account is a deposit account designed to hold the money you don’t plan to spend immediately.
This is usually different from a current account that is designed to be used by businesses for everyday business transactions.
Savings accounts are important because they help you save towards your personal financial goals.
What Is A Savings Account?
A savings account is a type of bank account where individuals can deposit their money to both protect it and let it grow by earning interest on it.
When you open a savings account, you put some of your money into it, which you don’t plan to spend right away for your everyday expenses.
Consumer Banking Statistics in Nigeria
- As of 2021, the number of active bank accounts in the country amounted to around 133.5 million, while savings accounts added up to approximately 120 million.
- In the fourth quarter of 2020, over 2.2 billion online transfers were issued, yielding a value of over 120.2 billion Nigerian naira (NGN)
- More than 87 million people in Nigeria do not have access to established financial services. This means that Over 40% of Nigerians are currently unbanked.
- In December 2022, POS transactions increased by approximately 41.8% in volume, reaching 3.89 billion, valued at around 41.04 quadrillion, compared to 2.74 billion in 2021, valued at approximately 4.46 quadrillion.
- Neobanking segment is expected to reach $2.91 billion in transactional value by 2023, with a projected annual growth rate of 23.65% from 2023 to 2027.
- Monthly, Moniepoint now processes payment transactions worth $12 billion with an average of 400 million transactions
Check out for a list of interesting statistics on Nigeria Small Businesses
Why You Need A Savings Account
- Encourages saving and gradual wealth accumulation.
- Focuses on gradual wealth accumulation over time.
- Individuals seeking savings and financial growth.
- A savings account is the safest place to save money
- Helps achieve personal finance goals
- Minimal risk of loss because the money is well insured
Savings Account Bank Requirement with Moniepoint
- Provide your BVN and KYC details
- Face & ID verification.