StatementIQ › Bank statement analysis

Bank statement analysis: what it is and how to do it

Bank statement analysis is the process of turning a raw list of transactions into answers: how much comes in, where it goes, how steady the income is, and whether anything looks unusual. Lenders, accountants, auditors, compliance teams and individuals all do it, usually by reading statements line by line.

StatementIQ (also written Statement IQ), built by Osasima, automates that first read for Nigerian bank statements. You upload a PDF or Excel file and get every transaction categorised, summarised by month and checked for anomalies.

What a good bank statement analysis covers

• Income and its stability — salary, business revenue and other inflows, and whether they arrive regularly.
• Spending by category — where the money actually goes, from utilities and shopping to loan repayments.
• Monthly trends — inflows, outflows and balances month by month, not just a single total.
• Counterparties — who sends and receives money most often.
• Anomalies — unusually large amounts, duplicate charges and irregular patterns worth a second look.

Why doing it by hand is slow

A multi-month statement can run to hundreds of transactions, each with a narration that has to be read and judged. Two people rarely categorise the same transaction the same way, and unusual patterns are easy to miss in a long manual read. Automating the first pass gives you consistent categories and a flagged list to focus on.

How StatementIQ analyses a statement

• Reads PDF and Excel statements, including multi-sheet workbooks and messy exports.
• Sorts every transaction into one of 28 categories such as salary, business revenue, loans, gambling, remittances and crypto.
• Cross-checks extracted totals against the figures stated on the statement, and flags mismatches.
• Flags anomalies with the reference numbers behind them.
• Exports a five-sheet Excel workbook: transactions, categories, monthly summary, counterparties and anomalies.

Automated analysis is a starting point, not a replacement for judgement. For decisions that matter, review the flagged items and key figures yourself.

Frequently asked questions