Active bank accounts now 320m amid dormant accounts surge

The number of active bank accounts in Nigeria rose to 320 million as of March 2025, according to new figures released by the Nigeria Inter-Bank Settlement System (NIBSS), highlighting ongoing efforts to deepen financial inclusion across the country.

This represents an increase of 8.4 million accounts in just three months, up from 311.6 million active accounts at the end of 2024.

The surge, industry stakeholders say, signals a strong push toward improved access to formal financial services, even as the country contends with challenges related to dormant accounts, identity verification, and account duplication.

According to the World Bank, access to a transaction account is a critical gateway to broader financial inclusion, enabling individuals to store money securely, make payments, and receive funds.

Nigeria’s latest numbers indicate a growing uptake of formal banking channels — including traditional banks and fintech platforms — across diverse population segments.

NIBSS noted that while the statistics reflect only bank-reported accounts, millions more Nigerians are financially included through fintech wallets, mobile money platforms, and digital banking services.

Despite the encouraging growth in active accounts, NIBSS also flagged a sharp rise in inactive or dormant bank accounts, which soared to 33.3 million by the end of March 2025.

This reflects a staggering 70 per cent increase quarter-on-quarter, compared to 19.5 million dormant accounts at the end of 2024.

Dormant accounts are those that have recorded no financial activity for at least 12 months. Banks typically flag and isolate such accounts to minimize the risk of fraud and ensure proper due diligence.

Additionally, NIBSS revealed that 29.4 million bank accounts had been officially closed as of the latest reporting period.

“Dormancy is a growing concern in the banking sector,” said Ngozi Chukwuemeka, a financial services analyst at FinScope Advisory.

“Many accounts opened for specific transactions go inactive shortly after, especially in low-income or unbanked regions where financial literacy and income stability are limited.”

One of the most critical issues highlighted in the report is the persistent gap between active bank accounts and the number of Nigerians with a Bank Verification Number (BVN) — a biometric security requirement for formal banking in the country.

As of July 2025, NIBSS reported that 66.2 million BVNs had been registered — far below the 320 million active accounts. While this may seem alarming, experts note that the gap is partially explained by the fact that multiple accounts can be linked to a single BVN.

“The BVN-NIN linkage policy is central to curbing fraud and improving Know Your Customer (KYC) compliance,” said Adetola Adebayo, a digital identity expert.

“But enforcement must be coupled with inclusive onboarding strategies, especially for underserved rural communities.”