More Nigerians have abandoned their bank accounts majorly due to economic hardship caused by sluggish economic growth, rising job losses and reduction in purchasing power occasioned by double digit inflation.

Statistics from the Nigeria Interbank Settlement System, NIBSS, showed that Nigerians abandoned 10 million bank accounts in 2018. NIBSS is owned by all Nigerian banks and the Central Bank of Nigeria, CBN.

According to the company, the number of bank accounts abandoned by bank customers and hence categorised as ‘inactive bank accounts’ rose by 28 percent to 46.7 million in 2018 from 36.7 million in 2017.

Depositor-initiated transaction
According to the CBN 2015 guidelines on dormant accounts, “An account shall become inactive if there has been no customer or depositor-initiated transaction for a period of six months after the last customer or depositor initiated transaction.”

This implies that in just one year, ten million bank accounts recorded zero transactions.

Financial Vanguard analysis also showed a steady growth in the number of inactive bank accounts between 2014 and 2018.

According to NIBSS, inactive bank accounts grew…

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