The latest report from the Nigeria Inter-Bank Settlement System (NIBBS) indicated that dormant bank accounts in Nigeria stood at about 19.69 million.
Based on monetary guidelines, dormant accounts are accounts that have been inactive for one (1) year or more.
The latest data from the NIBSS, which reflected monthly account statuses of the commercial banks for 2024, showed a sustained rise in inactive accounts.
According to the data, dormant accounts remained above 19 million since February 2024, with December closing at 19,697,125 inactive accounts. The data further revealed that the dormant accounts averaged about 2.08 million in the first six months (H1) of the year.
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These figures represented an increase of 1,205,000 from January 2024 figures of 18,492,169, indicating a 6.51% rise over the year.
A further analysis of the NIBSS’ report reflected that highest number of dormant accounts was recorded in May and June with about 20.57 million before slightly declining in the second half of the year.
Meanwhile, the Central Bank of Nigeria (CBN) has directed the deposit money banks (DMBs) and other financial institutions (OFIs) in the country to publish the details of customers’ dormant accounts on their official websites.
The apex bank’s latest directive was conveyed to the DMBs and OFIs in a circular titled ‘Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria’ and signed by MichaeL Akuka, for the Director, Financial Policy and Regulation Department of the apex bank
The directive requires the DMBs and OFIs to display key details such as the names of individuals authorized to operate the accounts, the types of accounts, and the branches where they are domiciled.
For OFIs that do not have dedicated websites, the apex bank ordered that the information should be published on the websites of their industry associations.
It would also be recalled that the CBN, in its Order issued on July 19, 2024, had required the DMBs and OFIs to transfer unclaimed balances and dormant account funds to its designated accounts.
