A new report shows that Commercial banks in Nigeria closed 2.021 million bank accounts in the first three months of 2024 (January to March)......See Full Story>>.....See Full Story>>
The decision follows instructions from the Central Bank of Nigeria that banks must ensure Tier-1 bank accounts and wallets for individuals have either the Bank Verification Number (BVN) or National Identity Number (NIN) or both linked or be fined.
The apex bank gave banks until March 1, 2024, to begin full implementation, noting that any accounts not fully complying with the requirement should not be permitted to carry out transactions.
Banks obey CBN
Vanguard reports that banks decided to clean their books of questionable accounts and comply with regulatory orders.
The Nigerian Interbank Settlement System (NIBSS) report shows that the implementation has increased the number of inactive bank accounts in Nigeria to 19.7 million in March 2024.
A bank account is classified as inactive when it records zero transactions, including deposits, withdrawals, transfers, or point-of-sale transactions, for six months.