Dormant Bank Accounts in Nigeria Surpass 19.69 Million Despite CBN’s Policy Reforms

The number of inactive bank accounts in Nigeria has climbed to over 19.69 million, reflecting a surge despite the Central Bank of Nigeria’s (CBN) renewed policy interventions.

According to data from the Nigeria Inter-Bank Settlement System (NIBSS), which monitors monthly banking activities, dormant accounts remained above 19 million since February 2024, closing the year at 19,697,125 in December. This marks a 6.51% increase from January’s figure of 18,492,169, amounting to an additional 1.2 million inactive accounts over the year.

The highest figures were recorded in May and June, reaching 20.57 million before experiencing a slight decline in the second half of the year. The data also highlights that within the first six months of 2024, 2.08 million accounts became dormant before the CBN’s July directive aimed at addressing idle accounts.

In a renewed effort to enhance financial sector transparency, the CBN issued a circular on Tuesday, mandating all banks to disclose details of dormant accounts, unclaimed balances, and other idle financial assets.