Following the Central Bank of Nigeria’s policy changes, the Nigeria Inter-Bank Settlement System’s inactive account database showed around 19.69 million Nigerian banking sector dormant accounts.
This follows the CBN’s Tuesday letter ordering banks to report dormant accounts.
IREPORT247NEW reports that the Central Bank of Nigeria (CBN) has ordered banks and financial institutions to disclose dormant accounts, unclaimed balances, and other financial assets.
The circular, signed by Michael Akuka on behalf of the Financial Policy and Regulation Department director on February 17, 2025, aims to improve transparency and unclaimed fund management in Nigeria’s banking sector.
The Circular on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024 requires financial institutions to publish dormant account details, including authorized account operators, account type, and branch.
More findings reveals that inactive accounts in Nigerian banks increased steadily in 2024, according to monthly account status data.
Dormant accounts exceeded 19 million every month since February 2024, closing December at 19,697,125.
This is 1,205,000 more than January’s 18,492,169, a 6.51% gain.
The number peaked at 20.57 million in May and June before falling in the second part of the year.
Dormant accounts increased by 2.08 million in the first half of 2024 before the CBN’s July directive.