An account is considered inactive if it shows no activity, including deposits, withdrawals, transfers, or point-of-sale transactions, for six consecutive months.
By Johnson Atoukudu
During the first quarter of 2024, commercial banks in Nigeria shuttered 2.021 million bank accounts to address dubious accounts and adhere to regulatory mandates regarding the linking of bank accounts to National Identity Numbers (NIN).
The Nigerian Interbank Settlement System (NIBSS) report also notes a monthly increase of four million inactive bank accounts, totaling 19.7 million in March 2024, up from 19.3 million in February.
An account is considered inactive if it shows no activity, including deposits, withdrawals, transfers, or point-of-sale transactions, for six consecutive months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
In December 2023, the Central Bank of Nigeria (CBN) instructed all commercial banks nationwide to limit tier-1 accounts lacking proper Biometric Verification Numbers (BVN) and National Identity Numbers (NIN) if not linked by Thursday, March 1st, 2024.
NIBSS data indicates that as of April 2024, 61.6 million Nigerians are enrolled in the BVN system.
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