Nigeria’s Active Bank Accounts Hit 311.65 Million in December, Rising by 49% – NIBSS

The number of active bank accounts in Nigeria surged to 311.65 million by December 2024, reflecting a 48.89% increase from 209.31 million in January. This growth highlights the continued expansion of financial inclusion efforts, with over 102 million new accounts activated within the year.

However, the data from the Nigeria Inter-Bank Settlement System (NIBSS) also revealed a rise in inactive and closed accounts, with dormant accounts increasing by 6.52% to nearly 19.7 million, while closed accounts climbed by 17.4% to 25.49 million.

The rise in banking penetration aligns with Nigeria’s broader financial inclusion drive, spearheaded by the Central Bank of Nigeria (CBN). The National Financial Inclusion Strategy, introduced in 2012, has played a crucial role in expanding banking access, particularly through agency banking, mobile payments, and digital financial services.

Despite this progress, challenges persist, particularly in closing demographic gaps. According to the 2023 EFInA Access to Finance Survey, financial inclusion rose to 74%, up from 68% in 2020. However, 26% of Nigerians remain unbanked, with gender and regional disparities still evident, particularly in northern Nigeria.

At the 2024 International Financial Inclusion Conference, CBN Governor Olayemi Cardoso emphasized the importance of financial inclusion in driving economic growth, particularly for small businesses, women, and vulnerable groups. He highlighted the role of digital payment platforms in expanding access to banking services, noting that mobile technology and interoperable payment systems have been instrumental in enabling millions of Nigerians to save, transfer money, and access credit.

As Nigeria continues to deepen financial inclusion, stakeholders are calling for more innovative policies to ensure that banking access reaches underserved populations, bridging the remaining gaps in the country’s financial landscape.

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