Customers are no longer required to provide affidavits in order to reactivate dormant bank accounts, according to the Central Bank of Nigeria’s (CBN) updated instructions. A circular sent to banks and other financial institutions nationwide on March 12, 2026, revealed the change. The CBN stated in the circular signed by Rita Sike, the director of the apex bank’s Financial Policy and Regulation Department, that it has eliminated the clause requiring clients to submit affidavits in order to reactivate dormant accounts.The bank clarified that the decision was made in response to input from interested parties and is a component of initiatives to streamline the process of accessing inactive funds while upholding security measures to preserve the integrity of the financial system. overlay-clevercloseLogo The top bank has “rescinded the requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts,” according to the circular. When responding to requests for the reactivation of inactive accounts, financial institutions must continue to exercise heightened due diligence, the CBN emphasized.The circular said, “Banks and other financial institutions shall continue to apply enhanced due diligence by implementing strong safeguards to verify the accuracy and authenticity of customer information during dormant account reactivation, notwithstanding this rescission.” Additionally, the top bank made it clear that only inactive accounts that haven’t been moved to the Unclaimed Balances Trust Fund (UBTF) Pool Account are eligible for the removal of the affidavit requirement. The CBN stated that “affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account for the avoidance of doubt.”It further clarified that money that has already been sent to the Unclaimed Balances Trust Fund is not covered by the exemption. The circular further stated, “This rescission does not extend to the reclaiming of funds already transferred to the UBTF Pool Account, where affidavits remain mandatory.” Banks will reveal information about dormant accounts Banks and other financial organizations must now provide information about dormant accounts and unclaimed amounts under the updated framework. Financial institutions were instructed by the CBN to provide specific details about unclaimed amounts that have previously been transferred to the fund and dormant accounts that have not been moved to the UBTF Pool Account.The rule mandates that the data be posted on banks’ and other financial institutions’ operational websites. The names of authorized account holders, the kind of account, the name of the bank or financial institution, and the branch address where the account is located are among the information that must be revealed. The circular said, “On their operational websites, all banks and other financial institutions shall only publish the following information regarding dormant accounts not yet transferred to the UBTF Pool Account and unclaimed balances already transferred to the UBTF Pool Account.” Financial institutions must post the information on the official websites of their relevant industry associations if they do not have active websites.The central bank ordered banks and other financial institutions to publish the information in at least two national daily newspapers each year in addition to online. Financial institutions may, however, place a one-page notice in at least two national newspapers pointing clients to a specific area on their corporate websites where the whole list of dormant accounts can be accessible if the publication would take up more than two full pages. State and unit microfinance banks are excluded from the newspaper publication requirement, but they are nevertheless required to post the pertinent information in all of their locations, according to the CBN.Concerns about compliance with the Nigeria Data Protection Act were also addressed by the top bank, which clarified that the disclosure obligations are in line with Nigerian data protection laws. The CBN cited Section 25(1)(b) of the law, which enables the processing of personal data when it is required to protect the data subject’s vital interests or to comply with a legal requirement. The Banks and Other Financial Institutions Act (BOFIA), which gives the CBN the authority to publish guidelines on the management of unclaimed monies in banks and other financial institutions, was also included in the circular. The apex bank claims that as a result, the disclosure requirements are both legally sound and compliant with relevant financial and data protection regulations.The CBN stated that the new order is effective immediately and replaces its previous circular from February 17, 2025.
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