Business

Nigerian banks close 2 million accounts over BVN, NIN, others

In the first quarter of 2024, or Q1’24, at least 2 million bank accounts were closed by Nigerian commercial banks.

The objective of the action was to remove questionable accounts, especially since some clients disregarded legal directives to link their accounts to their National Identity Numbers, or NINs.

The Central Bank of Nigeria, CBN, ordered all commercial banks in the nation to limit Tier-1 accounts without a valid NIN and Biometric Verification Number, or BVN, in December 2023.

According to information obtained in a recent report from the Nigerian Interbank Settlement System (NIBSS), more than two million accounts were closed in compliance with a mandate from the CBN.

Additionally, the NIBSS reported that the number of inactive bank accounts increased from 19.3 million in February to 19.7 million in March 2024, a month-over-month (MoM) increase of four million, or 2.0 percent.

Vanguard was able to obtain access to the report, which also showed that the nation’s total active bank account count increased by 6.62 million, or 3.0 percent, from 213.02 million in February to 219.64 million.

When a bank account has no entries for six months—not including deposits, withdrawals, transfers, or point-of-sale transactions—it is deemed inactive.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it.

Drop your comment in the section below, and don’t forget to share the post.

FacebookFacebookXXLinkedinLinkedinMixMixWhatsappWhatsappRedditReddit

Jonathan Nwokpor

Share
Published by
Jonathan Nwokpor
Tags: Banks

Recent Posts

Atiku breaks silence on Oborevwori’s defection

Keep up with the latest news and be part of our weekly giveaways and airtime…

34 seconds ago

PDP: Bode George breaks silence on mass defection, reveals next step

Keep up with the latest news and be part of our weekly giveaways and airtime…

9 minutes ago

Osun political group urges Gov Adeleke on defection from PDP

Keep up with the latest news and be part of our weekly giveaways and airtime…

15 minutes ago

Anambra Guber: YPP candidate, Paul Chukwuma appoints ex Obiano aide as running mate

Keep up with the latest news and be part of our weekly giveaways and airtime…

28 minutes ago

Gombe: Eight arrested for ritual killing of six-year-old boy

Keep up with the latest news and be part of our weekly giveaways and airtime…

11 hours ago

Amid killings in Benue, Gov Alia makes fresh promises to corps members

Keep up with the latest news and be part of our weekly giveaways and airtime…

11 hours ago