CBN Waives Affidavit Requirement for Dormant Account Reactivation to Unlock Trapped Funds
The Central Bank of Nigeria (CBN) has announced a significant policy change, waiving the affidavit requirement for reactivating dormant bank accounts. The move is expected to make it easier for millions of Nigerians to access long-inactive funds, reducing administrative hurdles while promoting financial inclusion.
In a circular dated March 12, 2026, titled “Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” the CBN explained that the decision followed concerns from stakeholders about the burden of affidavit submissions. The new directive immediately supersedes a previous circular issued in February 2025.
The revised framework allows banks to accept dormant account reactivation requests through alternative channels, provided they maintain strict identification and verification procedures. The CBN emphasized that while affidavits are no longer required for accounts not transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account, they remain mandatory for accounts already in the fund.
Beyond simplifying reactivation, the CBN has strengthened transparency by requiring banks to publish details of dormant accounts and unclaimed balances on their websites and in national newspapers. For smaller institutions, such as state and unit microfinance banks, disclosures can be displayed at their business locations instead. This measure aligns with Nigeria’s Data Protection Act, 2023, ensuring customer data is handled legally.
The regulator said the changes aim to reunite rightful owners with their funds, reduce compliance costs, and boost public confidence in the banking system. By easing access to long-stagnant accounts, the CBN’s directive could unlock billions of naira, supporting ongoing economic reforms and a more inclusive financial sector.
source: leadership