Abuja, July 26, 2025 — The Nigeria Inter-Bank Settlement System (NIBSS) has reported that the number of active bank accounts in the country surged to 320 million as of March 2025, reflecting a steady rise in financial inclusion and digital banking adoption.
According to data published by the agency, the increase marks a significant growth compared to previous years, driven largely by the expansion of mobile banking platforms, fintech solutions, and simplified Know-Your-Customer (KYC) procedures that have made banking more accessible to millions of Nigerians.
The breakdown of the figures shows a growing dominance of individual accounts, particularly in the retail and low-income segments, bolstered by aggressive onboarding strategies by deposit money banks and mobile money operators. Analysts believe that the Central Bank of Nigeria’s push for a cashless economy, coupled with the proliferation of agent banking services in rural and semi-urban areas, also played a key role in the boost.
NIBSS noted that the digital transformation of the financial services industry, especially the rise in electronic payment systems, has further enhanced confidence in formal banking. This progress, according to stakeholders, is essential to supporting broader economic goals, including poverty reduction, access to credit, and national financial stability.
Despite the growth, experts have cautioned that sustained investment in cybersecurity, digital literacy, and regulatory oversight will be critical in safeguarding the gains made and ensuring the resilience of Nigeria’s banking infrastructure.