The Central Bank of Nigeria (CBN) has introduced revised regulations concerning dormant bank accounts, notably removing the requirement for customers to submit an affidavit when seeking to reactivate such accounts.
In a circular issued on March 12, 2026, to banks and other financial institutions, the CBN clarified that the affidavit requirement was abolished following feedback from various stakeholders. This adjustment aims to streamline the reactivation process for dormant accounts, while simultaneously safeguarding the financial system against fraud and misuse.
Despite the removal of the affidavit requirement, banks and other financial institutions are still mandated to conduct rigorous verification checks when customers request to reactivate dormant accounts. They are expected to meticulously confirm the accuracy and authenticity of customer information before proceeding with account reactivation.
The CBN specified that the elimination of the affidavit requirement applies exclusively to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account. Customers can reactivate these accounts without the need for an affidavit.
However, this new rule does not extend to funds that have already been moved to the UBTF Pool Account. In such instances, customers wishing to reclaim their money must still provide an affidavit, as stipulated by the existing guidelines.
The updated framework also introduces new transparency obligations for banks and financial institutions regarding dormant accounts and unclaimed balances. Under the new directive, banks are required to 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 authorized 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 made public on the official websites of the respective banks.
Additionally, banks and other financial institutions are obligated to publish this information at least once annually in two national daily newspapers. Should the list of accounts be excessively long, exceeding two full pages in newspapers, institutions may publish a one-page notice directing customers to a dedicated section on their websites where the complete list can be accessed.
State and unit microfinance banks are exempted from the newspaper publication requirement but must prominently display the relevant information in all their business locations.
The CBN also addressed concerns regarding data privacy, affirming that the disclosure requirements are in full compliance with Nigerian data protection laws.
The bank explained that the utilization of personal data for the management of dormant accounts and unclaimed balances is legally permissible under the Nigeria Data Protection Act, 2023, which allows for personal data processing when it is necessary to fulfill a legal obligation.
The CBN further cited the Banks and Other Financial Institutions Act, 2020, which grants the central bank the authority to issue guidelines for the administration of unclaimed funds held in banks and other financial institutions.
According to the CBN, this new circular supersedes the previous directive issued on February 17, 2025, and is effective immediately.
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