Dormant Account Reactivation: CBN Has Simplified It For You

Your dormant account reactivation process has been made easier, following a latest rule by the Central Bank Of Nigeria (CBN).

This it has done by waiving the affidavit requirement for reactivating of any dormant bank account.

The introduction of the waiver, the bank says, would help free billions of naira trapped in inactive accounts, boost financial inclusion, and reduce compliance costs for customers amid ongoing economic reforms.

These much the bank stated in a circular issued to banks and other financial institutions.

“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.

The move followed concerns raised by concerned parties on the issue especially the affidavit requirements.

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, said the new directive supersedes an earlier circular issued on February 17, 2025, and takes immediate effect.

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

“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.

However, existing guidelines mandate banks and other financial institutions to implement specific measures and disclosures relating to dormant accounts, unclaimed balances and other financial assets in order to improve transparency and facilitate the reunification of funds with their rightful owners.

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In the new policy, 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.

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 that have already been transferred to the Unclaimed Balances Trust Fund Pool Account will still be required to present affidavits in line with the provisions of 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.

Other highlight’s associated with dormant account reactivation policy are as follows:

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-Banks and other financial institutions to publish specific information relating to dormant accounts that have not yet been transferred to the UBTF Pool Account

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

-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 and easily searchable section of their corporate websites containing the full list of dormant accounts.

– State and unit microfinance banks only required to display the information at their business locations and are not mandated to publish the details in national newspapers.