CBN Removes Affidavit Requirement for Dormant Accounts

The Central Bank of Nigeria (CBN) has announced the removal of the affidavit requirement for customers seeking to reactivate dormant bank accounts, effective March 12, 2026. This decision is part of a revised framework aimed at streamlining the account reactivation process and enhancing transparency within the financial sector.

The CBN's move follows extensive feedback from stakeholders and aims to reduce bureaucratic bottlenecks that often discourage customers from reclaiming access to their funds. However, financial institutions are still required to carry out enhanced due diligence and implement robust safeguards to verify the authenticity and accuracy of customer information during the reactivation process.

The circular emphasizes that the exemption does not apply to funds already transferred to the Unclaimed Balances Trust Fund (UBTF), where the affidavit requirement remains compulsory. Additionally, the CBN has introduced new disclosure obligations for financial institutions, including publishing comprehensive lists of their branches and microfinance banks on their websites, ensuring compliance with the Nigeria Data Protection Act 2023.