The Central Bank of Nigeria (CBN) has removed the affidavit requirement for reactivating dormant bank accounts, a move expected to ease access to long-abandoned funds and improve financial inclusion across the country.
The decision, contained in a circular dated March 12, 2026, follows concerns raised by stakeholders over the administrative burden and costs associated with obtaining affidavits. The revised directive takes immediate effect and replaces an earlier guideline issued in February 2025.
According to the apex bank, the new framework allows financial institutions to adopt alternative channels for processing dormant account reactivation requests, provided strict identification and verification procedures are maintained.
The circular, signed by Rita I. Sike, Director of the Financial Policy and Regulation Department, stated that the updated guidelines are designed to enhance transparency and facilitate the reunification of funds with their rightful owners.
Under the revised rules, customers no longer need affidavits to reactivate dormant accounts, except in cases where the funds have already been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account. For such cases, affidavits remain mandatory.
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While easing the process, the CBN emphasized that banks must implement enhanced due diligence measures to prevent fraud, including robust identity verification systems to authenticate account holders.
The regulator also introduced stricter disclosure requirements. Banks and other financial institutions are now mandated to publish details of dormant accounts and unclaimed balances on their official websites. The information must include the account holder’s name, account type, financial institution, and branch location.
Additionally, institutions are required to publish this information annually in at least two national newspapers. Where the list is extensive, a summary notice directing customers to a searchable online database will suffice.
For smaller institutions such as microfinance banks without functional websites, the CBN directed that such information be displayed at their business premises instead of in national dailies.
Addressing data privacy concerns, the apex bank clarified that the disclosure requirements are in line with the Nigeria Data Protection Act, which permits the processing of personal data when required by law or necessary to protect individuals’ interests.
It also referenced the Banks and Other Financial Institutions Act (BOFIA), which empowers the CBN to regulate the management of unclaimed funds within the financial system.
The policy shift is expected to unlock billions of naira trapped in dormant accounts, reduce compliance costs for customers, and strengthen confidence in Nigeria’s banking system.
