The number of dormant bank accounts in Nigeria has risen to 19.69 million, according to data released by the Nigeria Inter-Bank Settlement System (NIBSS).
The data, which tracks monthly account statuses throughout 2024, shows a steady rise in inactive accounts.
The Central Bank of Nigeria (CBN) recently issued a directive mandating commercial banks to publish details of dormant accounts on their websites.
This directive follows an earlier order issued by CBN on July 19, 2024, requiring banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
According to the CBN, all dormant accounts and unclaimed balances with banks for at least 10 years will be warehoused in a dedicated account known as the Unclaimed Balances Trust Fund Pool Account.
According to the NIBSS data, 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 per cent 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 showed that there was an increase of 2.08 million dormant accounts between the first six months of 2024 before the CBN’s July directive on such accounts.
The CBN directive led to a 1.59 million decrease in the number of dormant accounts, according to the NIBSS data. After the decline, there was a fluctuating increase for the remaining months of the year.
Closed accounts also showed a consistent upward trend, reaching 25.48 million in December, up from 21.71 million in January. For the entire year, 3.78 million accounts were closed in 2024, according to the NIBSS data.
The data further showed that active accounts also grew significantly over the same period, rising from 209.31 million in January to 311.65 million in December. This increase of 102.3 million accounts represents a 48.9 per cent growth, indicating a continued expansion in banking activity and financial inclusion.
While there is no latest figure on the total value of unclaimed funds in dormant accounts, the former minister of finance, budget and national planning, Zainab Ahmed, earlier said that the Federal Government would have access to as much as N850bn from the special trust fund of unclaimed dividends and dormant account balances.
