CBN dormant account reactivation eased as affidavit requirement is removed; banks must verify customer details and publish limited dormant account info annually

The Central Bank of Nigeria (CBN) has revised its rules on dormant bank accounts, eliminating the requirement for customers to submit an affidavit when reactivating eligible accounts.

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The new directive, outlined in a circular dated March 12, 2026, applies to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.

Customers can now reactivate these accounts without affidavits, though banks are still required to carry out rigorous verification checks to confirm the authenticity of customer information and prevent fraud.

The CBN clarified that the affidavit exemption does not apply to funds already moved to the UBTF Pool Account. In such cases, customers must continue to provide an affidavit to reclaim their balances, in line with existing guidelines.

In addition to simplifying reactivation procedures, the central bank introduced enhanced transparency requirements for financial institutions.

Banks and other deposit-taking institutions must publish limited information about dormant accounts not yet transferred to the UBTF and unclaimed balances that have already been moved.

The details to be disclosed include the names of authorised account holders, account types, the financial institution’s name, and the branch address.

Institutions are required to publish the information on their official websites and at least once annually in two national newspapers. If the account list is extensive, a one-page notice may direct readers to a dedicated section on the bank’s website.

State and unit microfinance banks are exempt from the newspaper publication requirement but must display the information at all business locations.

The CBN also addressed data privacy concerns, stating that the new disclosure rules comply with the Nigeria Data Protection Act, 2023.

The processing of personal data is permitted when necessary to meet legal obligations, including the management of dormant accounts and unclaimed balances.

The directive cites the Banks and Other Financial Institutions Act, 2020 as the legal authority empowering the CBN to issue guidelines on unclaimed funds in banks and financial institutions.

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The circular supersedes the earlier directive issued on February 17, 2025, and takes effect immediately, reflecting the central bank’s commitment to streamlining banking processes while safeguarding the integrity of the financial system.