CBN Waives Affidavit Requirement For Dormant Account Reactivation

The Central Bank of Nigeria (CBN) has waived the affidavit requirement for reactivating dormant bank accounts, easing access to long-stagnant funds for millions of Nigerians.

This move aims to unlock billions of naira trapped in inactive accounts, boost financial inclusion, and reduce compliance costs for customers amid ongoing economic reforms.

In a circular issued to banks and other financial institutions, the apex bank said the decision followed representations from stakeholders who had raised concerns about the administrative burden associated with affidavit requirements.

The directive was contained in a circular 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 directive supersedes an earlier circular issued on February 17, 2025, and takes immediate effect.

According to the circular signed by the director of the Financial Policy and Regulation Department, Rita I. Sike, the revised framework allows banks and other financial institutions to accept dormant account reactivation requests via alternative channels, provided adequate risk management measures are in place.

The CBN stated that the existing guidelines mandate banks and other financial institutions to implement specific measures and disclosures regarding dormant accounts, unclaimed balances, and other financial assets to improve transparency and facilitate the reunification of funds with their rightful owners.

“The guidelines are designed to enhance transparency, facilitate the reunification of funds with their rightful owners, and ensure full compliance with applicable legal and regulatory frameworks,” the CBN said.

Under the new directive, banks must still maintain strict identification and verification processes when handling requests to reactivate dormant accounts.

“In addition to the in-person submission of reactivation requests required under Section 8.0(i) of the Guidelines, banks and other financial institutions shall adopt alternative channels for receiving requests for the reactivation of dormant accounts,” the circular stated.

However, the apex bank emphasised that institutions must implement appropriate risk management strategies, including robust identification and verification measures, to ensure that the individual making the request is properly authenticated.

“Following representations received from stakeholders, the CBN hereby rescinds the requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts,” the circular said.

Despite the removal of the affidavit requirement, the regulator directed banks to apply enhanced due diligence procedures when processing reactivation requests.

The CBN clarified that the removal of affidavits applies only to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account.

“For the avoidance of doubt, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account,” the regulator said.

However, customers seeking to reclaim funds already transferred to the Unclaimed Balances Trust Fund Pool Account will still be required to present affidavits in accordance with the existing guidelines.

“This rescission does not extend to the reclaiming of funds already transferred to the UBTF Pool Account, where affidavits remain mandatory,” the circular noted.

Beyond the reactivation process, the CBN also strengthened disclosure requirements relating to dormant accounts and unclaimed balances.

Banks and other financial institutions have been directed to publish specific information on their operational websites regarding dormant accounts that have not yet been transferred to the UBTF Pool Account, as well as unclaimed balances already transferred to the fund.

The information to be disclosed includes the names of authorised account holders, the type of account, the name of the financial institution and the branch where the account is domiciled.

Financial institutions that do not maintain operational websites must publish the information on the official websites of their respective industry associations.

In addition, the CBN directed banks and other financial institutions to publish the mandated information annually in at least two national daily newspapers.

Where such disclosures exceed two full pages, institutions may instead publish a single-page notice in at least two national newspapers, directing customers to a dedicated, easily searchable section of their corporate websites containing the full list of dormant accounts.

The regulator, however, provided exemptions for smaller institutions. State and unit microfinance banks are only required to display the information at their business locations and are not mandated to publish the details in national newspapers.

The CBN also addressed concerns raised by financial institutions regarding compliance with Nigeria’s data protection framework.

The regulator explained that the disclosure requirements are consistent with the provisions of the Nigeria Data Protection Act, 2023, which permits the processing of personal data where it is necessary for compliance with a legal obligation or the protection of the vital interests of individuals.

It further cited Section 72(11) of the Banks and Other Financial Institutions Act, 2020, which empowers the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.

“Accordingly, the required disclosures are legally justified and fully consistent with the applicable provisions of the NDPA and BOFIA,” the apex bank said.