By Gwurld4026 
CBN Policies Impact Dormant Bank Accounts in Nigeria
As of December 2024, the number of dormant bank accounts in Nigeria has risen to over 19.69 million, according to data from the Nigeria Inter-Bank Settlement System (NIBSS). This marks a 6.51% increase from January 2024, which recorded 18.49 million inactive accounts. The peak was observed in May and June 2024, with dormant accounts reaching 20.57 million before a slight decline in the latter half of the year.
In response to this growing number, the Central Bank of Nigeria (CBN) has implemented policies aimed at enhancing transparency and returning unclaimed funds to their rightful owners. In February 2025, the CBN issued a directive requiring all banks and financial institutions to publish details of dormant accounts, including the names of account holders, account types, and branch locations. These details are to be made available on banks’ websites, industry association websites, and in at least two national newspapers.
This initiative aligns with the CBN’s “Guidelines on the Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024,” aiming to ensure unclaimed funds are properly accounted for and accessible to their legitimate owners. Despite concerns about potential breaches of the Nigeria Data Protection Act 2023, the CBN maintains that these disclosures are legally justified to promote accountability within the financial sector.
The increase in dormant accounts has been attributed to various factors, including the CBN’s new regulatory procedures and a significant rise in active accounts, which grew from 209.31 million in January 2024 to 311.65 million in December 2024, indicating ongoing growth in banking activity and financial inclusion.