Regulatory Alerts2026-03-16 | FPR/DIR/PUB/CIR/001/014RE: GUIDELINES ON MANAGEMENT OF DORMANT ACCOUNTS, UNCLAIMED BALANCES AND OTHER FINANCIAL ASSETS IN BANKS AND OTHER FINANCIAL INSTITUTIONS IN NIGERIA
The Central Bank of Nigeria has updated its directives on dormant accounts and unclaimed balances, notably removing the mandatory affidavit requirement for reactivating dormant accounts not yet transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account, though enhanced due diligence remains crucial. Financial institutions must now offer alternative reactivation methods and publicly disclose specific dormant account details on their websites and through annual newspaper publications, with modified requirements for microfinance banks. These changes aim to enhance transparency, facilitate reunification of funds, and align with data protection regulations, superseding previous guidelines.
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