Latest data from the Nigeria Inter-Bank Settlement System has revealed that the volume of active accounts in the Nigerian banking system rose to 311.65 million as of December 2024.
This marks a 48.89 per cent appreciation in the 12 months from January 2024, when the figure stood at 209,311,667, to December, when it hit 311,649,173.
In essence, about 102,337,506 new accounts had been activated within the period. Previous NIBSS data showed that active bank accounts in the country stood at 202.6 million at the end of 2023.
The data also indicated that the volume of dormant or inactive accounts had also increased between January and December 2024 to 19,697,125, which is about a 6.52 per cent increment.
For closed accounts, the volume also increased, rising by 17.40 per cent or 3,777,648, between January and December 2024 to settle at 25,486,054.
According to the World Bank, access to a transaction account is the first step toward broader financial inclusion since it allows people to store, send, and receive money.
