Active Bank Accounts in Nigeria Hit 320m, NIBSS Says
The number of active bank accounts in Nigeria increased to a record 320 million as of March 2025. This is revealed by fresh data released by the Nigeria Inter-Bank Settlement System (NIBSS), highlighting the expansion of financial inclusion efforts across the country.
The report signals a significant growth compared to 2024 figures, underscoring increased adoption of digital banking, mobile accounts, and fintech-driven solutions, particularly among Nigeria’s youthful population and informal sector of the economy.
According to NIBSS, the milestone reflects a combination of traditional and digital banking accounts that have remained consistently active within the reporting period, demonstrating higher usage of financial services by individuals and businesses.
Industry analysts attribute the growth to a number of factors, including regulatory reforms, rapid mobile penetration, agency banking expansion, and aggressive customer acquisition strategies by commercial banks and fintech firms.
However, despite the encouraging figures, questions remain about account dormancy rates, duplication across banks, and the actual percentage of financially active individuals versus registered accounts.
Financial experts have called for deeper reforms to ensure that account ownership translates to real financial inclusion and economic empowerment.
The Central Bank of Nigeria (CBN) has set a target of reducing the cash-based economy and boosting digital financial services as part of its national financial inclusion strategy.
With the new figures, Nigeria now has one of the highest volumes of bank accounts in Africa, offering both opportunities and challenges for regulators and industry players seeking to drive sustainable financial access.
IN another development, the Nigeria Deposit Insurance Corporation (NDIC) has said it is committed to the reimbursement of outstanding insured amounts to all eligible depositors of the failed Heritage Bank.
The corporation, on its official X, said the payment of the insured sum had been ongoing, and the corporation had continued to pay the depositors their insured sum. NDIC was responding to appeals by customers of the failed bank, who had yet to receive their insured deposits.
“We apologise for the delay in your payment and any challenges you may have experienced. Kindly note that NDIC has continued to pay depositors. Payment has been ongoing, and the corporation is committed to successful reimbursement to all eligible depositors,” it said.
The corporation also said that debtors, who neglected to pay back their loans in failed banks, caused the delays in the payment of liquidation dividends.