NIBSS records 311.65 million active bank accounts in December

The number of active bank accounts in Nigeria surged to 311.65 million as of December 2024, reflecting a significant increase in financial inclusion, according to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS).

The figures indicate a 48.89% rise in active accounts within 12 months, up from 209.31 million in January 2024. This means that approximately 102.34 million new accounts were activated within the period. In comparison, at the end of 2023, the total number of active bank accounts in the country stood at 202.6 million.

While active accounts increased, the report also noted a rise in dormant accounts, which grew by 6.52% to reach 19.7 million by December 2024. Additionally, closed accounts rose by 17.4%, amounting to 25.49 million within the same period.

According to the World Bank, access to a transaction account is a crucial first step toward financial inclusion, as it allows individuals to securely store, send, and receive money.

“Account ownership in Nigeria increased from 30% in 2011 to 45% in 2021,” the institution stated, showing ongoing progress in expanding banking access.

Nigeria’s financial inclusion strategy, introduced by the Central Bank of Nigeria (CBN) in 2012, has played a key role in driving financial accessibility. At the 2024 International Financial Inclusion Conference, CBN Governor Olayemi Cardoso emphasized the importance of financial inclusion in unlocking economic potential, particularly for small businesses and marginalized communities.

“Financial inclusion has the potential to unlock significant economic growth, particularly through the empowerment of small and medium-sized enterprises, women, and other vulnerable segments of the population,” Cardoso said.

The governor also stressed the transformative impact of digital banking.

“The adoption of digital payment channels using mobile technology has been a game-changer for financial inclusion. Nigeria’s growing mobile phone penetration offers a unique opportunity to expand access to financial services,” he noted.

Despite the growth in access, challenges remain. A report by Enhancing Financial Innovation & Access (EFInA) found that 26% of Nigerians are still unbanked. The report also identified gender and geographic gaps, with 70% of women financially included in 2023, up from 60% in 2020, despite an increase in the gender gap from 8% to 9%.

The report further noted significant progress in the Northeast and Northwest, but added that financial exclusion remains above the national average in some states.