By Niyi Jacobs
The latest data from the Nigeria Inter-Bank Settlement System (NIBSS) shows that active bank accounts in the country surged to 311.6 million by December 2024, reflecting a significant rise from 202.6 million at the end of 2023. This means 106 million new or reactivated accounts were recorded within the year.
Dormant and Closed Accounts See Uptick
Despite this growth, the number of dormant bank accounts climbed to 19.5 million, a 7.9% increase from 18.06 million in 2023. Banks typically flag these inactive accounts—those without activity for 12 months—to reduce fraud risks.
Additionally, 25.5 million accounts were officially closed by the end of 2024, up from 21.2 million in 2023, marking 4.3 million account closures within the year.
BVN Disparity Raises Questions
While bank account numbers are growing, the number of Bank Verification Numbers (BVNs)—a key regulatory requirement—remains far lower at 64.8 million as of January 2025. However, analysts note that multiple accounts can be linked to a single BVN, which could explain part of the gap.
With the Central Bank of Nigeria (CBN) enforcing its directive from April 2024, accounts without a BVN or National Identification Number (NIN) will face restrictions. Affected accounts will be placed on “Post No Debit”, preventing withdrawals, transfers, and any form of debits.
Beyond traditional banking, millions of Nigerians also rely on fintech solutions for financial services, expanding financial inclusion beyond the formal banking sector.
