Macroeconomic Report & Economic Updates

Nigeria Economic Update (Issue 30)

The recently released 2021 Electronic-payment Fact Sheet by the Nigerian Interbank Settlement System (NIBSS) shows that Nigerian banks had a total of 191.4 million bank accounts in 2021, out of which 133.5 million were active, suggesting that a total of 57.9 million were inactive.1 Further information provided revealed that the number of bank accounts increased by 24.4 million (14.6 percent) from 167.0 million in 2020 to 191.4 million in 2021. However, the number of active bank accounts increased by a less amount, 18.7 million, from 114.8 million in 2020 to 133.5 million in 2021. Consequently, inactive accounts increased by 5.7 million, from 52.2 million in 2020 to 57.9 million in 2021. The weak economic situation, which is reflected in high inflation, high unemployment, and continued depreciation of the domestic currency, contributes partly to the rising number of inactive bank accounts. Consequently, improving economic conditions would help tackle the rising inactive bank accounts in the country.

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March 13, 2018 - 4:00 am
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