FELICIA ITEJI
Indications from the Nigeria Inter-Bank Settlement System (NIBSS) new data has revealed that commercial banks in Nigeria recorded a total of 8.4 million new accounts opened or reactivated between January and March this year.
According to NIBSS latest report, the number of active bank accounts in Nigeria rose to 320 million in March this year.
At the end of 2024, NIBSS data showed that total active bank accounts in the country stood at 311.6 million.
This indicates that a total of 8.4 million new accounts opened or reactivated between January and March this year.
According to the World Bank, access to a transaction account is the first step toward broader financial inclusion since it allows people to store, send, and receive money.
While the NIBSS data is based on reports from banks, millions of Nigerians are financially included through fintech accounts.
Meanwhile, the number of active bank accounts in the country as of March 2025 shows that there is still a very wide gap between the number of accounts and the number of Bank Verification Numbers (BVN), which is now a compulsory requirement for opening an account.
The NIBSS database shows that total registered BVNs by account owners stood at 66.2 million as of July 2025.
However, industry analysts believe that the difference may not be much given that multiple accounts can be linked to a single BVN.
According to Enhancing Financial Innovation and Access (EFInA) Access to Financial Services in Nigeria 2023 Survey report, 5% (3 million) of banked adults do not have a BVN or NIN.
Recall that the Central Bank of Nigeria (CBN) in December 2023 announced that it would freeze accounts without a BVN and National Identification Number (NIN) from April 2024.
In a circular by the apex bank, it instructed banks to place a “Post no Debit” restriction – which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”.
According to the latest report by the Nigerian Interbank Settlement System (NIBSS), as of March 2025, banks in Nigeria recorded 33.39 million dormant accounts.
This shows a 70% increase in the number of abandoned accounts quarter-on-quarter as the figure stood at 19.5 million at the end of 2024.
An inactive or dormant account is a bank account that has had no activity on it for 12 months. Banks convert accounts with no activity for a long period into inoperative or dormant accounts to curtail the risk of fraud.
By segregating the accounts, banks bring to their workers’ attention the risk involved in these accounts and call for their due diligence.
Similarly, the NIBSS data shows that the number of bank accounts that have been closed stood at 29.4 million.
Owned collectively by the Central Bank of Nigeria and all licenced banks operating within the country, the Nigeria Inter-Bank Settlement System (NIBSS) provides the infrastructure for the automated processing, settlement of payments and transfer of funds between banks and card payment companies in Nigeria.
