The latest data released by the Nigeria Inter-Bank Settlement System (NIBSS), has revealed that the number of active bank accounts in Nigeria rose to 320 million in March this year.
At the end of 2024, NIBSS data showed that total active bank accounts in the country stood at 311.6 million.
This indicates that a total of 8.4 million new accounts opened or reactivated between January and March this year.
According to the World Bank, access to a transaction account is the first step toward broader financial inclusion since it allows people to store, send, and receive money.
While the NIBSS data is based on reports from banks, millions of Nigerians are financially included through fintech accounts.
NIBSS further revealed that the number of inactive or dormant bank accounts in the country stood at 33.3 million at the end of March.
19.5 million.
This shows a 70% increase in the number of abandoned accounts quarter-on-quarter as the figure stood at 19.5 million at the end of 2024.
Meanwhile, the number of active bank accounts in the country as of March 2025 shows that there is still a very wide gap between the number of accounts and the number of Bank Verification Numbers (BVN), which is now a compulsory requirement for opening an account.