The number of dormant bank accounts in Nigeria has exceeded 19.69 million, according to the Nigeria Inter-Bank Settlement System’s industry customer account database.
The data, which tracks monthly account statuses in 2024, shows a steady rise in inactive accounts. This trend coincides with new Central Bank of Nigeria regulations requiring commercial banks to disclose details of dormant accounts.
The CBN’s directive appears to be a strategic move to address the growing issue of unclaimed funds and improve financial transparency
According to NIBSS data, the number of inactive accounts remained above 19 million each month since February 2024, reaching 19,697,125 by December.
This reflects a rise of 1,205,000 accounts from January’s total of 18,492,169, representing a 6.51% increase over the year.
The highest number of dormant accounts was recorded in May and June, peaking at 20.57 million before declining slightly in the latter half of the year.
The data also reveals a rise of 2.08 million dormant accounts in the first half of 2024, before the CBN’s directive on inactive accounts took effect in July.
Following the directive, it was reported that many affected bank customers rushed to their banks on Tuesday to reactivate their accounts.
NIBSS data shows that the CBN directive led to a 1.59 million drop in dormant accounts. However, the numbers fluctuated in the following months.
Closed accounts followed a steady upward trend, reaching 25.48 million in December, up from 21.71 million in January. In total, 3.78 million accounts were closed in 2024, according to NIBSS data.
Meanwhile, active accounts saw significant growth, rising from 209.31 million in January to 311.65 million in December. This increase of 102.3 million accounts— a 48.9% growth— signals expanding banking activity and financial inclusion.
The CBN earlier reiterated its directive for all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
A dormant account is one that has remained inactive for at least one year.
