By Adedapo Adesanya

The Central Bank of Nigeria (CBN) has waived the affidavit requirement for reactivating dormant bank accounts to unlock billions of Naira trapped in inactive accounts, boost financial inclusion, and reduce compliance costs for customers amid ongoing economic reforms.

In a circular issued to banks and other financial institutions, the apex bank said the decision followed representations from stakeholders who had raised concerns about the administrative burden associated with affidavit requirements.

The directive was contained in a circular titled Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria, dated March 12, 2026.

The new directive supersedes an earlier circular issued on February 17, 2025, and takes immediate effect.

According to the circular signed by the director of the Financial Policy and Regulation Department, Rita I. Sike, the revised framework allows banks and other financial institutions to accept dormant account reactivation requests via alternative channels, provided adequate risk management measures are in place.

The CBN stated that the existing guidelines mandate banks and other financial institutions to implement specific measures and disclosures regarding dormant accounts, unclaimed balances, and other financial assets to improve transparency and facilitate the reunification of funds with their rightful owners.

“The guidelines are designed to enhance transparency, facilitate the reunification of funds with their rightful owners, and ensure full compliance with applicable legal and regulatory frameworks,” the CBN said.

Under the new directive, banks must still maintain strict identification and verification processes when handling requests to reactivate dormant accounts.

“In addition to the in-person submission of reactivation requests required under Section 8.0(i) of the Guidelines, banks and other financial institutions shall adopt alternative channels for receiving requests for the reactivation of dormant accounts,” the circular stated.

However, the apex bank emphasised that institutions must implement appropriate risk management strategies, including robust identification and verification measures, to ensure that the individual making the request is properly authenticated.

“Following representations received from stakeholders, the CBN hereby rescinds the requirement under Section 8.0(ii) for the mandatory use of affidavits in the reactivation of dormant accounts,” the circular said.

Despite the removal of the affidavit requirement, the regulator directed banks to apply enhanced due diligence procedures when processing reactivation requests.

The CBN clarified that the removal of affidavits applies only 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 regulator said.

However, customers seeking to reclaim funds already transferred to the Unclaimed Balances Trust Fund Pool Account will still be required to present affidavits in accordance with the existing guidelines.

“This rescission does not extend to the reclaiming of funds already transferred to the UBTF Pool Account, where affidavits remain mandatory,” the circular noted.

Beyond the reactivation process, the CBN also strengthened disclosure requirements relating to dormant accounts and unclaimed balances.

Banks and other financial institutions have been directed to publish specific information on their operational websites regarding dormant accounts that have not yet been transferred to the UBTF Pool Account, as well as unclaimed balances already transferred to the fund.

The information to be disclosed includes the names of authorised account holders, the type of account, the name of the financial institution and the branch where the account is domiciled.

Financial institutions that do not maintain operational websites must publish the information on the official websites of their respective industry associations.

In addition, the CBN directed banks and other financial institutions to publish the mandated information annually in at least two national daily newspapers.

Where such disclosures exceed two full pages, institutions may instead publish a single-page notice in at least two national newspapers, directing customers to a dedicated, easily searchable section of their corporate websites containing the full list of dormant accounts.

The regulator, however, provided exemptions for smaller institutions. State and unit microfinance banks are only required to display the information at their business locations and are not mandated to publish the details in national newspapers.

The CBN also addressed concerns raised by financial institutions regarding compliance with Nigeria’s data protection framework.

The regulator explained that the disclosure requirements are consistent with the provisions of the Nigeria Data Protection Act, 2023, which permits the processing of personal data where it is necessary for compliance with a legal obligation or the protection of the vital interests of individuals.

It further cited Section 72(11) of the Banks and Other Financial Institutions Act (BOFIA, 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 said.

By Aduragbemi Omiyale

A former Deputy Managing Director of First Bank of Nigeria, Mr Gbenga Shobo, has been appointed to the board of FairMoney Microfinance Bank as chairman.

This appointment is part of the strategies deployed by the small technology-driven financial institution to strengthen corporate governance.

In a statement made available to Business Post on Tuesday, it was disclosed that a former chief executive of Letshego Microfinance Bank, Mr Debo Aderoju, has also been appointed to the board as an executive director and Chief Risk Officer.

The chief executive of FairMoney, Mr Henry Obiekea, said the appointment of the duo “reinforces our commitment to transforming FairMoney into a market-leading financial institution.”

“Mr Shobo joins our board with extensive experience in managing complex operations and a deep understanding of the retail and tech-enabled sectors, which will be invaluable as we continue to expand our services and deliver even greater value to our customers.

“In addition, Mr Aderoju’s strong expertise in governance and inclusive finance will serve as a key driver for enhancing operational efficiency, risk management and regulatory compliance,” he added.

Mr Shobo brings to the board over 35 years of experience in the banking industry. During his tenure at First Bank, he played a pivotal role in driving remarkable growth in digital banking volumes and supervised business units that generated significant portions of the bank’s total revenue.

An alumnus of the University of Ife, Harvard Business School, Stanford University and INSEAD, He has also served on the boards of various financial institutions, including microfinance, insurance and fintechs, highlighting his experience across diverse segments of the financial services ecosystem.

Renowned for his strategic insight, governance acumen, and boardroom expertise, his appointment is expected to further strengthen the bank’s governance architecture and provide strong strategic oversight as FairMoney continues to expand its footprint in Nigeria’s financial services landscape, while upholding the highest ethical standards.

On his part, Mr Aderoju is a banking professional with more than two decades of experience in credit management, enterprise risk management, and inclusive finance.

Earlier in his career, he worked at United Bank for Africa and later moved to First Bank of Nigeria Limited, where he oversaw risk management functions across multiple Sub-Saharan African markets. His appointment is subject to regulatory approval.

He is an alumnus of the Leadership Development Program at the Gordon Institute of Business and Science (GIBS), University of Pretoria, South Africa, and the Massachusetts Institute of Technology.

By Adedapo Adesanya

The chief executive of Access Bank Plc, Mr Roosevelt Ogbonna, has called for stronger collaboration among policymakers, financiers and businesses to accelerate trade within Africa and unlock the continent’s economic potential.

Mr Ogbonna made the call at the Access Bank Africa Trade Conference (ATC 2026) held in South Africa, where he said Africa must address structural barriers that continue to limit the growth of intra-continental commerce despite its vast market opportunities.

Speaking during his opening remarks, the Access Bank chief noted that the conference was convened to continue conversations which started at the inaugural edition in 2025 on how Africa can expand trade within the continent while strengthening its participation in global markets.

He noted that Africa’s share of global trade remains relatively small, stressing that fragmented trade corridors and structural bottlenecks continue to hinder the growth of commerce across the continent.

“The reality is that Africa still controls a small share of global trade. The corridors are still fragmented and more aspirational than functional, and too many small businesses that aspire to trade across Africa remain constrained”.

Further speaking, Mr Ogbonna explained that stakeholders at last year’s conference agreed on three key priorities for transforming Africa’s trade landscape. The priorities he listed include breaking down silos between policymakers, financial institutions and businesses, building a trade ecosystem driven by reliable data and analytics, and developing systems that support both large corporations and smaller businesses seeking to expand across borders.

He noted that the 2026 edition of the conference is not a fresh start but a continuation of efforts to drive meaningful progress in intra-African trade. According to him, since the last edition of the conference, some progress has been made across key sectors of the economy.

“We have seen value chains emerging across agriculture, manufacturing and services, and we are seeing African brands crossing borders and building a global presence,” he said.

Mr Ogbonna also pointed to the growing role of technology platforms in reducing friction in areas such as payments, logistics and market access. He, however, acknowledged that the gains remain uneven across the continent, with progress concentrated in a few markets and specific trade corridors.

The Access Bank Chief urged stakeholders across the continent to move beyond dialogue and take concrete steps that will strengthen trade relationships among African countries, emphasising that Africa’s economic transformation would depend largely on the willingness of businesses and institutions to collaborate more effectively.

“This conference must not end as another talking shop. It must become the birthplace of a movement that contributes to transforming intra-African trade,” he urged.