The total number of inactive bank accounts in
Nigeria stand at 30.26 million despite efforts by
banks to retain old customers and attract new
ones.



The accounts, activated by commercial banks for
new holders but later abandoned to dormancy by
the customers now constitute 32.42 per cent of
the total 94.388 million activated bank accounts
in the country.



Consequently, only 64.128 million accounts that
represent 68.7 per cent of the total activated
accounts domiciled in commercial banks are
functional.



According to the latest industry statistics
obtained by Daily Trust from the Nigerian Inter-
Bank Settlement System (NIBSS) Plc over the
weekend, the growing wave of new, active and
dormant accounts across savings and currents
account types in the country has been
progressively steady.



Giving the year-to-date (YTD) analysis of the
latest report up till October this year, NIBSS
indicated that a total of 4.13 million accounts
have become dormant within the period, jacking
up dormant account base to the current figure
from 26.042 million it stood at the end Q4, 2015.



NIBSS further stated that from a figure of 85.018
million accounts in December 2105, total account
base in the country has grown by 11.02 per cent
as 9.37 million new accounts were activated
within the period.


In its breakdown, 30.063 million, 2.896 million
and 2.365 million new accounts came on board in
Q1, Q2 and Q3 2016 respectively, while in
October, the figure maintained the upward
momentum by 1.12 per cent as 1.046 million new
accounts were recorded in the month alone.



Meanwhile, further analysis data revealed savings
accounts as constituting the largest chunk of the
total activated bank accounts as it stood at
66.255 million while current accounts are just
25.58 million.


Experts have also warned that Nigerians, who
make use of dormant bank accounts, should not
throw caution to the wind as the account might
generate debt.



A customer, who preferred not to be named,
recounted her ordeal with one of Nigeria’s leading
banks, saying “My dormant bank account
generated a debt which kept growing overtime,
so, one must be careful.”



According to Investopedia, a dormant account has
had no activity for a long period of time, other
than posting interest and a statute of limitations
usually does not apply to it, so funds can be
claimed by the owner or beneficiary at any time.




However, it will be recalled that until a new
dormant account management policy was
released by the Central Bank of Nigeria (CBN)
late in 2015, commercial banks in Nigeria have
always converted customers’ money in dormant
accounts from liabilities to income of the banks.



While the apex bank put an end to this standard
by also directing banks to reverse such
conversion of customers’ money made five years
before the 2015 policy which was in favour of
account holders, analysts said this must have
also contributed to the growing rate of dormant
accounts.




http://www.dailytrust.com.ng/news/business/nigerians-abandon-30m-bank-accounts/173512.html

My UBA and Ecobank accounts are among. Those bank are wack. First Bank account will soon join, their deductions are beginning to irritate someone.

No interest again, only deductions. Just because one dullard is in charge of the country

Who cares?

veekid:
Who cares?

Precisely