Explainer: How Nigerians can retrieve funds from dormant bank accounts

Millions of Nigerians hold dormant bank accounts that have remained inactive for years, often because the owners forgot about them, relocated, or stopped using the account.

According to the Nigeria Inter-Bank Settlement System (NIBSS), in the first quarter of 2025, the number of dormant accounts reported by banks stood at 86.7 million.

To help customers reclaim these funds, the Central Bank of Nigeria (CBN) has issued updated guidelines clarifying how dormant accounts can be reactivated and how unclaimed balances can be retrieved.

A circular issued by the apex bank on March 12, 2026, provides new directions to banks and other financial institutions on how to manage dormant accounts and return funds to their rightful owners.

What is a dormant account?
A bank account becomes dormant when there has been no customer-initiated transaction for a prolonged period, typically one year or more, depending on bank policy. While the account still exists, the owner cannot actively use it until it is reactivated.

Dormant accounts can still hold funds, which remain the property of the account holder.

Step-by-step process to retrieve funds

Nigerians who want to retrieve money from a dormant account can follow these steps:

Confirm if the account is dormant
Customers can contact their bank or visit a branch to confirm the status of their account. Banks are also required to publish details of dormant accounts on their websites to help customers identify them.

The information typically published includes: Name of the account holder, type of account, name of the bank, and the branch where the account was opened.

This allows customers to easily identify accounts that may belong to them.

Submit a request to reactivate the account
Once the account is identified, the customer must submit a reactivation request to the bank. This may be done in person at a branch or through other channels provided by the bank.

Banks are required to verify the identity of the individual requesting the reactivation to ensure that the rightful owner is reclaiming the funds.

Provide identification and verification documents
Customers may be asked to provide documentation such as: valid identification (national ID, voter’s card, or international passport), bank verification number (BVN), account details, and updated contact information.

These checks are necessary to confirm ownership and prevent fraud.

Reactivation of the account
After verification, the bank will reactivate the dormant account. Once the account is active again, the customer can access the funds through withdrawals, transfers, or other banking services.

No affidavit required in many cases
In a major change introduced by the CBN, affidavits are no longer required for reactivating dormant accounts that have not been transferred to the Unclaimed Balances Trust Fund (UBTF) pool account.

Previously, customers often had to obtain affidavits before reclaiming dormant accounts, a process that added time and cost.

However, if funds have already been moved to the UBTF pool account, an affidavit may still be required when reclaiming the money.

Banks must disclose dormant accounts
The CBN has also directed banks to publicly disclose dormant account information annually through their official websites and publish the mandated information yearly in at least two (2) national daily newspapers.

This measure aims to assist account holders in locating and retrieving their funds.

For many Nigerians, the updated rules could simplify the process of recovering forgotten funds, especially as banks expand digital channels for submitting reactivation requests.

The move could enhance the transparency of the banking system and guarantee the eventual reunion of unclaimed balances with their owners.

Customers who have dormant accounts are advised to check their bank’s website, contact customer service channels, or visit their branch to verify their account status and initiate the reactivation process.