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Central Bank of Nigeria removes affidavit requirement for dormant account reactivation, easing access to funds.
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Policy aims to unlock billions of naira in dormant accounts and strengthen financial inclusion in Nigeria.
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Banks must still apply strict identity verification under revised dormant accounts guidelines
The Central Bank of Nigeria (CBN) has scrapped the requirement for customers to present affidavits when reactivating dormant bank accounts, a move designed to make it easier for Nigerians to access long-unused funds.
The policy change is expected to release billions of naira locked in inactive accounts while improving financial inclusion and lowering administrative costs for account holders.
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The directive was announced in a circular issued to banks and other financial institutions titled “Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” dated March 12, 2026. The new guideline replaces an earlier circular issued on February 17, 2025 and takes immediate effect.
According to the circular signed by Rita I. Sike, Director of the Financial Policy and Regulation Department at the apex bank, the updated framework allows financial institutions to accept alternative channels for dormant account reactivation requests, provided proper risk management procedures are maintained.
The regulator explained that existing rules require banks to adopt measures and disclosures related to dormant accounts and unclaimed balances in order to improve transparency and help reconnect funds with their rightful owners.
Under the revised directive, banks must still enforce strict identification and verification procedures when processing requests to reactivate dormant accounts. Financial institutions are also encouraged to adopt additional channels beyond in-person requests to facilitate the process.
However, the apex bank clarified that the removal of the affidavit requirement applies only to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account (UBTF).
Customers seeking to reclaim funds that have already been moved to the UBTF Pool Account will still be required to present affidavits, in line with existing regulatory provisions.
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Beyond reactivation procedures, the CBN also introduced stronger disclosure requirements for dormant accounts and unclaimed balances. Banks and financial institutions are now required to publish information about such accounts on their operational websites.
The details to be disclosed include the names of authorised account holders, the type of account, the financial institution involved and the branch where the account is domiciled. Institutions without websites must publish the information on the official platforms of their industry associations.
In addition, banks are required to publish the information annually in at least two national daily newspapers. Where the list exceeds two pages, institutions may publish a single-page notice directing customers to a dedicated section of their corporate websites containing the full records.
The CBN noted that smaller institutions, including state and unit microfinance banks, are exempt from newspaper publication requirements and may instead display the information at their business locations.
The apex bank also stated that the disclosure requirements comply with the provisions of the Nigeria Data Protection Act and Banks and Other Financial Institutions Act, which empower the regulator to issue guidelines on the management of unclaimed funds in financial institutions.