Reactivating Dormant Accounts Just Got Easier – CBN announces new rules

The Central Bank of Nigeria (CBN) has revised its rules on dormant bank accounts and removed the requirement for customers to provide an affidavit when they want to reactivate such accounts.

In a circular dated March 12, 2026, sent to banks and other financial institutions, the CBN explained that the affidavit requirement has been cancelled following feedback from stakeholders. The change is intended to make the process of reactivating dormant accounts easier for customers while still protecting the financial system from fraud and abuse.

Even though affidavits are no longer required, banks and other financial institutions must still carry out strong verification checks when customers request to reactivate dormant accounts. They are expected to carefully confirm the accuracy and authenticity of customer information before reactivating the accounts.

The CBN clarified that the removal of the affidavit requirement only applies to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account. Customers can reactivate these accounts without submitting an affidavit.

However, the rule does not apply to funds that have already been moved to the UBTF Pool Account. In such cases, customers who want to reclaim their money must still provide an affidavit, as required under the existing guidelines.

The revised framework also introduces new transparency requirements for banks and financial institutions regarding dormant accounts and unclaimed balances. Under the new directive, banks must publish limited details about dormant accounts that have not yet been transferred to the UBTF Pool Account, as well as unclaimed balances that have already been transferred.

The information that must be disclosed includes the names of authorised account holders, the type of account, the name of the bank or financial institution, and the branch address where the account is held. This information must be published on the official websites of the banks.

In addition, banks and other financial institutions are required to publish the information at least once every year in two national daily newspapers. If the list of accounts is too long and would exceed two full pages in newspapers, the institutions can publish a one-page notice directing customers to a dedicated section on their websites where the full list can be found.

State and unit microfinance banks are exempt from the newspaper publication requirement but must display the relevant information in all their business locations.

The CBN also addressed concerns about data privacy and stated that the disclosure requirements comply with Nigerian data protection laws.

The bank explained that the use of personal data for managing dormant accounts and unclaimed balances is legally permitted under the Nigeria Data Protection Act, 2023, which allows personal data processing when it is necessary to meet a legal obligation.

The CBN also cited the Banks and Other Financial Institutions Act, 2020, which gives the central bank the authority to issue guidelines for the administration of unclaimed funds in banks and other financial institutions.

According to the CBN, the new circular replaces the earlier directive issued on February 17, 2025, and takes effect immediately.