AI agents for business finance: what they can and can't do
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The short answer
Nigerian banks treat an account as inactive or dormant after a period without customer-initiated transactions; GTBank, for example, says six months makes it inactive and one year dormant. To reactivate, you usually fill a reactivation form at a branch with a valid ID and a utility bill from the last three months, and there should be no charge. Balances left untouched for 10 years or more are transferred to the CBN and can be reclaimed with an Asset Reclaim Form.
Inactive, dormant and unclaimed
Banks use three stages, and each bank sets its own timings for the first two. What their own pages say as at October 2026:
| Bank | Inactive | Dormant |
|---|---|---|
| GTBank | No customer-initiated transaction for 6 months | 1 year |
| Zenith Bank | Current accounts become dormant after 6 months of inactivity; its FAQ says savings accounts do not go dormant | — |
The third stage is "unclaimed balances". Under CBN guidelines issued on 19 July 2024, as GTBank's page explains, accounts inactive for 10 years or more have their balances transferred to the CBN. FirstBank's dormant accounts page says the same. The money does not disappear: it can be reclaimed.
Only customer-initiated transactions count. Bank charges, interest credits or someone else paying into your account usually do not stop an account going dormant. Check your bank's definition in its FAQs.
Reactivating an inactive or dormant account
Inactive accounts
GTBank says an inactive account is reactivated by any transaction you make yourself: a transfer through mobile, internet banking or 737, or a cash or cheque deposit or withdrawal.
Dormant accounts: the documents
For an individual, GTBank asks for a reactivation form, a utility bill from the last three months and a valid ID (international passport, driver's licence, voter's card or national ID) at any branch. It says no ID is needed where the single deposit is no more than ₦50,000 and the cumulative balance no more than ₦300,000. Access Bank's Account Management Request Form has a "Dormant Reactivation" section asking for a reason, ID, utility bill and a compliance form.
| Account type | Typical documents (GTBank's list as an example) |
|---|---|
| Individual | Reactivation form, valid ID, utility bill within 3 months |
| Sole proprietor | Form or letter, plus signatory's ID |
| Limited company | Form or board resolution signed by two directors or a director and secretary, with company seal and IDs |
| Nigerian living abroad | Signed form, notarised utility bill or stamped statement (3 months), valid Nigerian ID or notarised foreign ID with expired Nigerian ID, sent to the bank's diaspora email |
Some banks also accept reactivation requests online or by email, particularly for customers abroad, so check your bank's site before travelling to a branch.
Steps
- Confirm the account status by calling the bank or visiting a branch.
- Check your BVN and NIN are linked; accounts without them may be restricted even after reactivation (see KYC blocks).
- Complete the reactivation form and attach ID and proof of address.
- Make a small deposit or transaction once reactivated, to confirm it works.
- Update your phone number and email so alerts reach you.
The CBN Guide to Charges (effective 1 January 2020) lists dormant account reactivation as waived, and GTBank states there is no charge. Do not pay anyone a "reactivation fee".
Reclaiming money moved to the CBN
If the account was dormant for 10 years or more, the balance may already have been transferred. FirstBank and GTBank describe the same reclaim process:
- Check the dormant accounts list on the bank's website, the CBN's website or in newspapers.
- Collect an Asset Reclaim Form at any branch of the bank.
- Provide evidence of ownership (an old statement, cheque book or passbook), a valid ID, proof of current residence and an affidavit.
- The bank verifies and sends the claim to the CBN. FirstBank says this takes 10 working days, and the CBN refunds through the bank within another 10 working days, with interest at a rate the CBN decides.
GTBank says that if your claim is unresolved after 15 working days you can escalate to the CBN Consumer Protection Department.
Worked example
Example only: Tunde finds an old account with ₦85,000 that he last used 11 years ago. The balance has been moved to the CBN. He files an Asset Reclaim Form with an old statement, his ID, a recent utility bill and an affidavit. Using FirstBank's stated timelines, the bank has 10 working days to verify and send it, and the CBN 10 working days to refund, so he could expect it in about 20 working days if everything is in order.
Keeping an account active
- Make at least one transaction yourself every few months, such as a small transfer or airtime purchase.
- Close accounts you no longer need, rather than leaving them to go dormant.
- Keep your phone number and email updated so alerts reach you.
- If you are moving abroad, decide which Nigerian accounts to keep and set a reminder to use them.
A dormant account may also stop incoming payments, so a client or relative sending you money could see it fail or be delayed.
Where Pryme fits
If you are reviving an account mainly to receive money from abroad, a Pryme account holds NGN, USD, GBP and EUR with local details for each, and can be opened from any country. See multicurrency accounts or our guide to what to do with Nigerian accounts when you move abroad.
Questions people ask
How do I reactivate my dormant account?
Visit a branch with a reactivation form, a valid ID and a utility bill from the last three months. Some banks offer an online route. Reactivation should be free under the CBN Guide to Charges.
How long before a bank account becomes dormant in Nigeria?
It depends on the bank. GTBank treats an account as inactive after 6 months and dormant after 1 year; Zenith says current accounts go dormant after 6 months of inactivity.
What happens to money in a dormant account after 10 years?
Under CBN guidelines issued in July 2024, balances on accounts inactive for 10 years or more are transferred to the CBN. You can reclaim them through your bank with an Asset Reclaim Form, ID, proof of ownership, proof of residence and an affidavit.
Is there a fee to reactivate a dormant account?
The CBN Guide to Charges effective 1 January 2020 lists dormant reactivation as waived, and GTBank says it charges nothing.
Sources
- GTBank: Account reactivation · accessed Oct 2026
- GTBank: Guidelines for managing dormant accounts, unclaimed balances and other financial assets · accessed Oct 2026
- FirstBank: Dormant account · accessed Oct 2026
- Zenith Bank: Customer service FAQs · accessed Oct 2026
- Access Bank: Account Management Request Form (PDF) · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-Bank Financial Institutions (effective 1 Jan 2020) · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.