Nigerian Banks Boost Active Accounts To 320 Million Despite Closures, NIBSS Reports.
Nigerian commercial banks have significantly expanded the number of active bank accounts to 320.05 million by March 2025, a remarkable 45.7% increase from 219.64 million recorded in March 2024, according to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS). This surge reflects the success of ongoing financial inclusion efforts, despite the closure of 29.4 million accounts and a rise in dormant accounts to 33.39 million over the same period.
The NIBSS report highlights a robust growth in banking activity, with over 100 million new active accounts added year-on-year, driven by increased digital banking adoption and regulatory measures to enhance financial access. However, the closure of 29.4 million accounts, up 30.43% from 22.54 million in March 2024, stems from a Central Bank of Nigeria (CBN) directive issued in December 2023. The policy mandated banks to restrict Tier-1 accounts not linked to a Bank Verification Number (BVN) or National Identification Number (NIN) by 1 March 2024, prompting widespread compliance efforts across institutions like Access Bank, Zenith Bank, and UBA.
Dormant accounts, defined as those with no transactions—such as deposits, withdrawals, transfers, or point-of-sale activities—for six months, also rose sharply by 71.3% to 33.39 million from 19.79 million in March 2024. This increase reflects challenges in account reactivation, with some holders failing to complete BVN-NIN linkages or abandoning accounts amid stricter regulations. Despite this, the growth in active accounts signals strong public engagement with banking services, bolstered by initiatives to promote digital transactions and financial literacy.
The CBN’s regulatory framework, including requirements for banks to publish details of dormant accounts, aims to enhance transparency and facilitate the return of unclaimed funds to rightful owners. Additionally, the Finance Act 2020 mandates that unclaimed dividends and dormant account balances older than six years be transferred to the Unclaimed Funds Trust Fund, managed by the Debt Management Office. However, the CBN’s authority to oversee these balances has sparked debate, with stakeholders citing the Financial Institutions Act 2020 as granting the apex bank this responsibility.
Analysts view the rise in active accounts as a positive indicator of Nigeria’s financial inclusion drive, with X posts reflecting public optimism about improved access to banking services. The NIBSS data underscores the resilience of Nigeria’s banking sector, which continues to expand despite regulatory hurdles. As the CBN pushes for greater compliance and transparency, the growth in active accounts positions Nigeria’s financial system for further innovation and inclusivity.