Number of dormant accounts in Nigerian banks has risen to over 19.69 million, according to the dormant account database released by the Nigeria Inter-Bank Settlement System.
This increase is attributed to the Central Bank of Nigeria’s renewed policy measures.
Throughout 2024, the data tracked showed a consistent rise in inactive accounts, peaking at 20.57 million in May and June before slightly declining in the latter half of the year.
The data emphasized that dormant accounts remained above 19 million every month since February 2024, with December closing at 19,697,125 inactive accounts, a 6.51% increase from January’s figure of 18,492,169.
The surge in dormant accounts followed a directive by the CBN in July last year, requiring all banks to disclose details of their dormant accounts, unclaimed balances, and other financial assets.
