The Central Bank of Nigeria has revised its guidelines on dormant bank accounts, removing the requirement for customers to present an affidavit when seeking to reactivate such accounts.
In a circular dated March 12, 2026, sent to banks and other financial institutions, the apex bank explained that the decision followed feedback from stakeholders within the banking sector. The move is aimed at simplifying the process of reactivating dormant accounts while maintaining safeguards against fraud and financial abuse.
Under the new directive, customers whose accounts have become dormant can now request reactivation without submitting an affidavit. However, banks and financial institutions are still required to carry out strict verification checks before restoring access to the accounts. Institutions must carefully confirm the accuracy and authenticity of customer information before completing the reactivation process.
The central bank clarified that the waiver applies only to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account. Customers can reactivate such accounts directly through their banks without providing sworn documentation.
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Funds that have already been transferred to the UBTF Pool Account remain subject to existing procedures. In those cases, account holders seeking to recover their money must still provide an affidavit as stipulated under the current guidelines.
The revised framework also introduces new transparency measures concerning dormant accounts and unclaimed balances. Banks and financial institutions are now required to disclose limited information about dormant accounts that have not been transferred to the UBTF Pool Account, as well as balances that have already been moved to the fund.
According to the directive, the details to be published include 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 maintained. This information must be made available on the official websites of the respective banks.
In addition, banks must publish the details at least once each year in two national daily newspapers. Where the list of dormant accounts exceeds two full pages, institutions may instead publish a one-page notice directing the public to a dedicated section of their websites where the complete list can be accessed.
State and unit microfinance banks are exempt from the newspaper publication requirement. However, they must display the relevant information across all their business locations.
Addressing concerns over privacy, the CBN said the disclosure requirements comply with the Nigeria Data Protection Act. The law permits the processing of personal data when it is necessary to fulfil a legal obligation.
The regulator also cited the Banks and Other Financial Institutions Act, which empowers the central bank to issue regulations governing the management of unclaimed funds in banks and other financial institutions.
The apex bank stated that the new circular replaces the earlier directive issued on February 17, 2025, and takes immediate effect.
