19.69 million bank accounts in Nigeria dormant – NIBSS

The Nigeria Inter-Bank Settlement System, NIBSS, says the number of dormant bank accounts in Nigeria is about 19.69 million.

The Central Bank of Nigeria, CBN, had directed commercial banks to publish details of dormant accounts.

The CBN directive, issued to enhance transparency and return unclaimed funds to rightful owners, comes amid concerns that a significant number of accounts have remained idle for extended periods.

According to the NIBSS data, dormant accounts remained above 19 million every month since February 2024, with December closing at 19,697,125 inactive accounts.

This represents an increase of 1,205,000 from January’s figure of 18,492,169, marking a 6.51 per cent rise over the year.

The peak was recorded in May and June when the number reached 20.57 million before dropping slightly in the second half of the year.

The data further shows that there was an increase of 2.08 million dormant accounts between the first six months of 2024 before the CBN’s July directive on such accounts.

Following the directive, many bank customers affected by the new CBN guidelines on dormant accounts rushed to their various banks on Tuesday to reactivate the accounts.

The CBN directive led to a 1.59 million decrease in the number of dormant accounts, according to the NIBSS data. After the decline, there was a fluctuating increase for the remaining months of the year.

Closed accounts also showed a consistent upward trend, reaching 25.48 million in December, up from 21.71 million in January. For the entire year, 3.78 million accounts were closed in 2024, according to the NIBSS data.

Active accounts also grew significantly over the same period, rising from 209.31 million in January to 311.65 million in December. This increase of 102.3 million accounts represents a 48.9 per cent growth, indicating a continued expansion in banking activity and financial inclusion.

The CBN earlier reaffirmed its directive to all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.

A dormant account refers to a bank account that has remained inactive for at least one year.

The directive was outlined in a circular issued on Monday and signed by Michael Akuka on behalf of the Director of CBN’s Financial Policy and Regulation Department.