Nigerian commercial banks have closed at least 2 million bank accounts in the first quarter of 2024, Q1’24.
According to report, the move was aimed at eradicating questionable accounts. Particularly as some customers failed to comply with regulatory orders on the linkage of their accounts to the National Identity Number, NIN.
IVNTV NEWS recalls that the Central Bank of Nigeria, CBN, had in December 2023, issued a directive to all commercial banks in the country on BVN, NIN linkages.
The apex bank mandated banks to restrict tier-1 accounts without proper NIN and Biometric Verification Number, BVN.
In compliance to the directives, a recent report by the Nigerian Interbank Settlement System, NIBSS, stated that over two million accounts have been closed.
The NIBSS also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million. Or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.
However, according to report by Vanguard, the number of active bank accounts in the country grew by 6.62 million. Or 3.0 percent to 219.64 million from 213.02 million in February.
“A bank account is classified inactive when it records zero transactions. These include deposits, withdrawals, transfers or point-of-sale transactions for six months.
