In the first quarter of 2024, Nigerian commercial banks closed 2.021 million bank accounts to ensure account compliance and prevent questionable activity. This move aligns with regulatory directives requiring the linking of bank accounts to the National Identity Number (NIN).

According to a report by the Nigerian Interbank Settlement System (NIBSS), the number of inactive bank accounts increased by 2.0% month-on-month to 19.7 million in March 2024. An account is considered inactive if it has no transactions for six months.

Despite the closure of inactive accounts, the number of active bank accounts grew by 3.0% to 219.64 million, an increase of 6.62 million from the previous month.

As of April 2024, 61.6 million Nigerians have enrolled for the Biometric Verification Number (BVN), an essential requirement for banking transactions. CONTINUE READING