The Nigeria Inter-Bank Settlement System has revealed that dormant accounts in Nigerian banks have surged to over 19.69 million, following the Central Bank of Nigeria’s (CBN) new policy measures.
Data tracking monthly account statuses throughout 2024 shows a steady increase in inactive accounts across Nigerian banks. Dormant accounts consistently remained above 19 million each month since February 2024, with December closing at 19,697,125. This marks an increase of 1,205,000 from January’s total of 18,492,169, reflecting a 6.51% rise over the year.
The highest number of dormant accounts was recorded in May and June, with the figure peaking at 20.57 million before slightly declining in the latter half of the year.
Additionally, the data indicates a rise of 2.08 million dormant accounts in the first half of 2024, ahead of the CBN’s July directive concerning such accounts.
This follows the CBN’s recent directive on Tuesday, instructing banks to disclose details of their dormant accounts, unclaimed balances, and other financial assets.
