Dormant accounts in Nigerian banks hit N19.69m amid CBN’s policies

According to the dormant account database released by the Nigeria Inter-Bank Settlement System, the number of dormant accounts in the Nigerian banking sector rose to over 19.69 million amid the Central Bank of Nigeria’s renewed policies measures.

Also, data that tracks monthly account statuses throughout 2024 indicated a steady surge in inactive accounts across Nigerian banks.

It emphasised that dormant accounts remained above 19 million every month since February 2024, with December closing at 19,697,125 inactive accounts. This represents an increase of 1,205,000 from January’s figure of 18,492,169, marking a 6.51 percent rise over the year.

The peak was recorded in May and June when the number reached 20.57 million before dropping slightly in the second half of the year.

The data further shows that there was an increase of 2.08 million dormant accounts between the first six months of 2024 before the CBN’s July last year directive on such accounts.

This comes after the  CBN on Tuesday in a circular directed all banks to disclose details of their dormant accounts, unclaimed balances, and other financial assets.