According to data from the Nigeria Inter-Bank Settlement System, the number of dormant accounts in the Nigerian banking sector has risen to over 19.69 million amid the Central Bank of Nigeria’s (CBN) renewed policy measures.
Tracking monthly account statuses throughout 2024, the data revealed a steady increase in inactive accounts across Nigerian banks. Dormant accounts have remained above 19 million each month since February 2024, with December closing at 19,697,125 inactive accounts. This marks an increase of 1,205,000 from January’s 18,492,169 accounts, reflecting a 6.51% rise year-on-year.
The peak occurred in May and June, with the number reaching 20.57 million before slightly declining in the latter half of the year. The data also shows a rise of 2.08 million dormant accounts in the first half of 2024, following the CBN’s directive in July 2023 on such accounts.
This comes after the CBN issued a circular on Tuesday requiring banks to disclose details of dormant accounts, unclaimed balances, and other financial assets.
