CBN Waives Affidavit Requirement for Dormant Account Reactivation
The Central Bank of Nigeria has officially removed the mandatory affidavit requirement for reactivating dormant bank accounts, in a move aimed at simplifying access to funds for customers.
The directive was announced in a recent circular to banks and financial institutions, following feedback from stakeholders across the financial sector.
Under the new guideline, customers no longer need to provide an affidavit to reactivate dormant accounts—but only if the funds have not been transferred to the Unclaimed Balances Trust Fund (UBTF).
This marks a significant shift from previous requirements, where affidavits were compulsory for account reactivation.
The CBN clarified that affidavits are still mandatory in cases where:
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The dormant account funds have already been moved to the Unclaimed Balances Trust Fund Pool Account
In such cases, customers must follow existing procedures, including submitting legal documentation.
Despite removing the affidavit requirement, banks are still required to carry out:
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Strict identity verification
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Enhanced due diligence checks
This is to ensure that only the rightful account owners can reactivate dormant accounts and prevent fraud.
The new guideline also allows banks to:
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Accept reactivation requests through alternative channels, not just physical branch visits
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Improve customer access while maintaining security standards
In addition, banks are now required to:
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Publish details of dormant accounts and unclaimed balances on their websites
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Annually disclose such information in national newspapers
This is aimed at helping account holders identify and reclaim their funds more easily.
This policy change is expected to:
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Make it easier and faster to reactivate dormant accounts
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Reduce bureaucratic stress and legal costs
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Improve access to unclaimed funds across Nigeria
