In order to clear their records of dubious accounts and adhere to regulatory directives on the linking of bank accounts to the National Identity Number (NIN), commercial banks in Nigeria terminated 2.021 million bank accounts in the first quarter of 2024.
A report from the Nigerian Interbank Settlement System, or NIBSS, included this information.
Remember that all commercial banks in the nation received an order from the CBN in December 2023 to prohibit Tier-1 accounts that are not connected by Thursday, March 1st, 2024, and do not have a valid Biometric Verification Number (BVN) and National Identity Number (NIN).
The data also showed that, from 19.3 million in March 2024 to 19.7 million in March 2024, the number of inactive bank accounts increased month over month, MoM, by four million, or 2.0 percent.
