The number of active bank accounts in Nigeria surged by 48.89% to 311.65 million in December 2024, according to the latest data from the Nigeria Inter-Bank Settlement System (NIBSS).
The figure represents an increase of 102.3 million new accounts when compared to 209.3 million reported in January 2024.
The NIBSS report also revealed a rise in dormant and closed accounts within the same period.
The number of inactive accounts grew by 6.52% to 19.7 million while the volume of closed accounts increased by 17.40% or 3.77 million accounts to 25.48 million by year-end.
The increase in active accounts aligns with the Federal Government’s financial inclusion drive to deepen banking services across the country.
According to the World Bank, account ownership in Nigeria rose from 30% in 2011 to 45% in 2021. Globally, financial access improved from 51% to 76% over the same period.
To accelerate financial inclusion, the Central Bank of Nigeria (CBN) introduced the National Financial Inclusion Strategy (NFIS) in 2012, targeting key areas such as agency banking, mobile payments, linkage models, and financial literacy initiatives.
The 2023 EFInA Access to Finance Survey revealed that financial inclusion in Nigeria stood at 74% from 68% in 2020.
The report highlighted persistent demographic disparities, including a gender gap, which widened from 8% in 2020 to 9% in 2023, despite women’s financial inclusion rising from 60% to 70%.
The survey also noted improvements in urban-rural access, with the gap narrowing from 24% in 2020 to 20% in 2023, as well as increased participation among youth aged 18-35, where inclusion reached 71% in 2023. However, financial exclusion remains high in Northern Nigeria, particularly in the North-East and North-West, where exclusion rates exceed the national average.
Speaking at the 2024 International Financial Inclusion Conference, CBN Governor Olayemi Cardoso emphasised the role of financial inclusion in unlocking economic growth and empowering vulnerable populations.
“Financial inclusion has the potential to unlock significant economic growth, particularly through the empowerment of small and medium-sized enterprises, women, and other vulnerable segments of the population.”
Cardoso also explained how the apex bank has been able to bridge financial gaps through targeted frameworks.
“The adoption of digital payment channels using mobile technology has been a transformative tool for financial inclusion with Nigeria’s growing mobile phone penetration offering a unique opportunity to expand access to financial services, noting that interoperable payment platforms had enabled millions of Nigerians to send payments, save, and access credit even without traditional bank accounts.”