Nigerians close 23m bank accounts, active accounts rise 2.4%
By Jeph Ajobaju, Chief Copy Editor
Up to 23.3 million customer bank accounts were closed by commercial and merchant banks in July 2024, according to data collated by the Nigerian Interbank Settlement System (NIBSS).
The figure represents a 0.56 per cent rise month-on-month (MoM) against 23.17 million accounts closed in June 2024.
From January to July, however, the number of closed accounts dropped 5.6 per cent from 24.7 million in January, the NIBSS said, and that the number of active bank accounts increased 2.4 per cent MoM from 225.53 million in June to 231.1 million in July.
The number of dormant accounts reduced 7.6 per cent MoM from 225.53 million to 18.97 million in July.
The Central Bank of Nigeria (CBN) in its “Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets In Banks And Other Financial Institutions in Nigeria” has directed banks and other financial institutions to deposit with the CBN unclaimed balances and funds in dormant accounts.
The CBN also
- Issued guidelines for account owners and beneficial owners to recover their dormant funds for up to 10 years and
- Disclosed that it will create an office to manage dormant accounts and unclaimed balances.
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