Nigeria’s banking sector saw a remarkable expansion in 2024, with active accounts surging to 331.6 million by December, reflecting an increase of 122.3 million accounts from 209.3 million in January 2024. In January, 2024, Nigeria recorded 209.3 million active accounts.
The figure grew to 213.0 million in February, adding 3.7 million new accounts. March saw a sharper increase to 219.6 million, reflecting a monthly gain of 6.6 million accounts.
The upward trend continued with 221.7 million in April, 2.1 million increase and 223.1 million in May, 1.4 million increase. June recorded a further rise to 225.5 million, adding 2.4 million new accounts.
The second half of the year saw a stronger growth trajectory. July saw active accounts increase to 231.1 million, reflecting a 5.6 million monthly rise. August followed with a marginal increase to 233.2 million, 2.1 million new accounts.
However, in September, there was a sharp spike, with active accounts reaching 291.6 million, adding 58.4 million accounts in one month.
October continued the momentum, reaching 297.5 million (5.9 million increase), followed by 302.8 million in November a 5.3 million increase.
Finally, December closed the year at 331.6 million, marking the highest monthly increase of 28.8 million new accounts.
