In the first quarter of 2024, Nigerian commercial banks closed over two million bank accounts to comply with regulatory directives and eliminate questionable accounts.
According to a report by the Nigerian Interbank Settlement System (NIBSS), the move aimed to link bank accounts to the National Identity Number (NIN) and maintain clean financial records.
The report also revealed a 2 per cent monthly increase in inactive bank accounts, reaching 19.7 million in March 2024. An account is considered inactive if it has no transactions for six months.
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On the other hand, active bank accounts grew by 3 per cent to 219.64 million in the same period.
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The development follows the Central Bank of Nigeria’s (CBN) directive in December 2023, instructing banks to restrict accounts without proper BVN and NIN linkage.
As of April 2024, NIBSS data shows that 61.6 million Nigerians have enrolled for BVN.
