30m Bank Accounts Abandoned And Inactive – NIBSS

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About 30.26 million commercial bank accounts are inactive and abandoned, leaving only 64.128 million accounts which is about 68.7 per cent of the total activated accounts domiciled in commercial banks functional.

Despite efforts by banks to retain old customers and attract new ones, the accounts, activated by commercial banks for new holders but later abandoned to dormancy by the customers now constitute 32.42 per cent of the total 94.388 million activated bank accounts in the country.

The Nigerian Inter-Bank Settlement System (NIBSS) Plc latest statistics reveal that the growing wave of new, active and dormant accounts across savings and currents account types in the country has been progressively steady, Daily Trust reports.

Also Read: Nigeria Ranks 169th Out Of 190 In World Bank Ease Of Doing Business

NIBSS year-to-date (YTD) analysis of the latest report up till October this year, indicated that a total of 4.13 million accounts have become dormant within the period, jacking up dormant account base to the current figure from 26.042 million it stood at the end Q4, 2015.

The industry report states that from a figure of 85.018 million accounts in December 2105, total account base in the country has grown by 11.02 per cent as 9.37 million new accounts were activated within the period.



In its breakdown, 30.063 million, 2.896 million and 2.365 million new accounts came on board in Q1, Q2 and Q3 2016 respectively, while in October, the figure maintained the upward momentum by 1.12 per cent as 1.046 million new accounts were recorded in the month alone.

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Further data analysis revealed savings accounts constitute the largest chunk of the total activated bank accounts as it stood at 66.255 million while current accounts are just 25.58 million.

Experts have also warned that Nigerians, who make use of dormant bank accounts, should not throw caution to the wind as the account might generate debt.

See Also: World Saving Day- Nigerians Can No Longer Save Money In Banks

Investopedia defines a dormant account as an account which has had no activity for a long period of time, other than posting interest and a statute of limitations usually does not apply to it, so funds can be claimed by the owner or beneficiary at any time.

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