The number of active bank accounts in Nigeria increased to 133.5 million in 2021, according to data released by the Nigerian Interbank Settlement System (NIBSS).
NIBSS data shows that of the active bank accounts, individual accounts account for 92% at 122.3 million, while the rest are corporate accounts.
At the end of 2020, the total number of active bank accounts in the country amounted to 114.8 million. This means that in 2021 a total of 18.7 million new bank accounts were opened.
current vs saving: The data also shows that the number of checking accounts increased by 14% to 49.8 million in 2021 from 43.6 million in 2020. In the same vein, savings accounts increased by 7.8% to 120, 4 million in 2021 from 111.7 million in 2020.
Inactive accounts: Meanwhile, the number of inactive bank accounts in the country stood at 57.9 million in the year under review. According to NIBSS data, the total number of bank accounts in the country as of 2021 was 191.4 million, of which 133.5 were in active use.
- This shows an 11% or 5.7 million increase in the number of inactive bank accounts for the year, as inactive accounts stood at 52.2 million in 2020.
- Industry analysts have cited several factors for the growing number of inactive accounts in the country. According to them, these include an increase in the prices of goods and services, low income accompanied by the low purchasing power of Nigerians, rising unemployment rate and immigration, among others.
- A dormant or dormant account is a bank account that has not had any activity for 12 months. Banks convert accounts that have been inactive for a long period of time to dormant or dormant accounts to reduce the risk of fraud. By segregating accounts, banks draw the attention of their workers to the risk involved in these accounts and require their due diligence.
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