The Central Bank of Nigeria (CBN) has waived the affidavit requirement for reactivating dormant bank accounts. The measure is said to be aimed at easing access to long-stagnant funds for millions of Nigerians.
The policy will unlock billions of naira trapped in inactive accounts, boost financial inclusion, and reduce compliance costs for customers amid ongoing economic reforms.
In a circular issued to banks and other financial institutions, the apex bank said the decision followed representations from stakeholders who raised concerns about the administrative burden associated with affidavit requirements.
The directive is contained in 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.
The new directive supersedes an earlier circular issued on February 17, 2025, and takes immediate effect.
According to the circular signed by the director of 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 CBN stated that the 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.
“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
About the Author
