CBN revises dormant account guidelines, drops affidavit requirement

The Central Bank of Nigeria (CBN) has revised its guidelines on the management of dormant accounts, removing the mandatory requirement for affidavits when customers seek to reactivate such accounts.

In a circular dated March 12, 2026, and issued to banks and other financial institutions, the apex bank stated that it had “rescinded the requirement under Section 8.0 (ii) for the mandatory use of affidavits in the reactivation of dormant accounts,” following representations from stakeholders.

The circular, signed by the Director of the Financial Policy and Regulation Department, Dr. Rita Sike, explained that the decision forms part of measures to simplify the process of reactivating dormant accounts while maintaining safeguards to protect the integrity of the financial system.

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**What the circular says **

However, the CBN emphasised that financial institutions must continue to apply enhanced due diligence when handling requests to reactivate dormant accounts.

• _“Notwithstanding this rescission, banks and OFIs shall continue to apply enhanced due diligence by implementing robust safeguards to verify the accuracy and authenticity of customer information during dormant account reactivation,” the circular stated. _

The apex bank also clarified that the removal of the affidavit requirement only applies to dormant accounts that have not yet been transferred to the Unclaimed Balances Trust Fund Pool Account.

• _“For the avoidance of doubt, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the UBTF Pool Account,” the circular said. _

It added that the exemption does not apply to funds that have already been transferred to the Unclaimed Balances Trust Fund.

• _“This rescission does not extend to the reclaiming of funds already transferred to the UBTF Pool Account, where affidavits remain mandatory under Section 9.0 (iii),” the CBN stated. _

** Banks required to disclose dormant account details **

The revised framework also introduces additional disclosure requirements for banks and other financial institutions concerning dormant accounts and unclaimed balances.

According to the circular, financial institutions must publish specific details about dormant accounts that have not been transferred to the UBTF Pool Account, as well as unclaimed balances already transferred to the fund.

Under the directive, banks and other financial institutions are required to publish limited information about such accounts on their operational websites.

The apex bank specified that the information to be disclosed must include the names of authorised account holders, the type of account, the name of the bank or financial institution, and the branch address where the account is domiciled.

• _“All banks and OFIs shall ONLY publish the following information concerning dormant accounts not yet transferred to the UBTF Pool Account and unclaimed balances already transferred to the UBTF Pool Account on their operational websites,” the circular stated. _

The CBN added that institutions without active websites must ensure that the required information is published on the official websites of their respective industry associations.

In addition to online disclosures, the circular mandates banks and other financial institutions to publish the information annually in at least two national daily newspapers.

However, where the publication would exceed two full pages, financial institutions are permitted to publish a single-page notice in at least two national newspapers directing customers to a dedicated, easily searchable section on their corporate websites containing the full list of dormant accounts.

The apex bank noted that state and unit microfinance banks are exempted from the newspaper publication requirement, but must display the relevant information in all their business locations.

**Data protection concerns addressed **

The CBN also clarified that the disclosure requirements are consistent with Nigeria’s data protection and financial sector laws.

Responding to enquiries regarding compliance with the Nigeria Data Protection Act, 2023, the central bank explained that the processing of personal data for the purpose of administering dormant accounts and unclaimed balances is legally permissible.

It cited Section 25(1)(b) of the NDPA, which allows the processing of personal data when necessary for compliance with a legal obligation or for the protection of the vital interests of the data subject or another person.

The circular further referenced Section 72(11) of the Banks and Other Financial Institutions Act, 2020, which empowers the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.

• _“Accordingly, the required disclosures are legally justified and fully consistent with the applicable provisions of the NDPA and BOFIA,” the apex bank stated. _

The CBN said the new circular supersedes its earlier directive issued on February 17, 2025, and takes immediate effect.