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Survey: 38% of Nigerians Have Bank Accounts

By on March 27, 2011

Despite the aggressive campaign embarked by banks and various reform exercises in the banking industry, the total number of Nigerians that have bank accounts has been put at 38 per cent, a 2010 National poll that was jointly conducted by NOI/GALLUP has said.

Chief Methodologist, Gallup, United States of America (USA0, Dr. Bob Tortora disclosed this at a media briefing in Lagos Tuesday.

The survey showed that 62 per cent of Nigerians have no formal relationship with the banking industry. The survey also revealed that wide network of branches is the most important service that Nigerians want from banks.

“32 per cent of respondents expressed their preference for this service. This is closely followed by wide Automated Teller Machine (ATM) network which was supported by 29 per cent and Efficient customer services which also 23 per cent support,” Tortora said.

According to him, the poll showed that the Southern part of Nigeria has wider banking participation than the North.

The poll which put the average debt rate of a Nigerian at N19, 500 also said an average Nigerian attempts to save about N20, 000 monthly.

Tortora added: “Most popular lenders in Nigeria are friends. The banks and Microfinance Banks are bogged down. I think this is an opportunity for banks to lend more money and attract customers. It also showed that most Nigerian supported that the agriculture sector should be the most beneficiary of loans as it got 41 per cent. This was followed Education which got 19 per cent.”

The national poll also suggested that a significant proportion of Nigerians hold the view that the current five per cent Value Added Tax (VAT) rate is already too high.

“The trend suggested strongly that Nigerians want their taxes fewer and the rates lower. A breakdown of the results revealed that 45 per cent of Nigerians believe that the five per cent rate is too high. On the other hand 27 per cent said that the rate is appropriate while four per cent consider the rate too low.

“In totality, 76 per cent of Nigerians said that they are not sure where their tax deductions end up. 91 per cent of people from the South-West claim they pay their tax while the North Central has the least figure of 45 per cent,” he explained.

Source : Thisday