Amid a sweeping policy revamp by the Central Bank of Nigeria, dormant bank accounts have surged to over 19.69 million, according to the Nigeria Inter-Bank Settlement System. Monthly data from 2024 reveals a relentless uptick in inactive accounts, consistently surpassing 19 million since February, with December closing at 19,697,125—a 6.51% escalation from January’s 18,492,169. The apex was reached in May and June, with dormant accounts peaking at 20.57 million before tapering off slightly in the latter half of the year. Notably, there was a jump of 2.08 million dormant accounts during the first half of 2024, prior to the CBN’s July directive. In a robust move to cleanse the financial landscape, the CBN has recently ordered all banks to disclose comprehensive details of their dormant accounts, unclaimed balances, and other financial assets.
Dormant Bank Accounts Soar to 19.69M Amid CBN’s Bold Policy Overhaul
