Nigerian commercial banks closed 29.4 million accounts as of March 2025 in a sweeping compliance exercise tied to National Identity Number and Biometric Verification Number requirements.
The latest data from the Nigerian Interbank Settlement System shows this figure marks a partial recovery from February’s peak of 33.29 million closures, but still represents a 30.4% year-on-year increase from March 2024.
The account cleanup coincides with the Central Bank’s December 2023 directive mandating banks to restrict accounts without proper NIN/BVN linkage. While enforcing these regulations, banks have seen a parallel 71.3% surge in dormant accounts, which now stand at 33.39 million compared to 19.79 million in March 2024. NIBSS classifies accounts as dormant after six months of zero transaction activity.
Despite these closures, Nigeria’s banking sector demonstrates robust growth in active accounts, which jumped by 100.41 million (45.7%) to reach 320.05 million by March 2025. BVN enrollment continues to climb steadily, with 66.23 million Nigerians now registered as of July 2025 – up from 61.6 million in April 2024.
The data reveals the banking industry’s balancing act between enforcing crucial anti-fraud measures and maintaining financial inclusion. While the NIN/BVN mandate has necessitated mass account closures, the simultaneous expansion of active accounts suggests the reforms may be strengthening the financial system’s integrity without stifling access.
