AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
In Nigerian banking, an account becomes inactive and then dormant when you stop initiating transactions on it. Banks set the early periods: GTBank says 6 months without a customer-initiated transaction makes an account inactive and 1 year makes it dormant. Under CBN guidelines issued on 19 July 2024, balances dormant for 10 years or more are transferred to the CBN as unclaimed balances, and reactivation should be free under the CBN Guide to Charges.
People often discover their account is dormant when a transfer fails or a card stops working. The terms inactive and dormant describe stages of the same thing: an account you have stopped using. What each stage means, and when it starts, depends partly on the CBN and partly on your bank's own rules.
The difference in one table
| Inactive | Dormant | Transferred to the CBN | |
|---|---|---|---|
| What it means | No customer-initiated transaction for a period set by the bank | Inactive for longer; the bank restricts the account | Unclaimed balance moved out of the bank |
| Typical period | GTBank: 6 months | GTBank: 1 year; Zenith and Fidelity: current accounts after 6 months | 10 years or more (CBN guidelines, 19 July 2024) |
| Can you still use it? | Usually yes; a transaction reactivates it | No, until reactivated with documents | No; you reclaim through your bank |
| How to fix | Make a transfer, deposit or withdrawal | Reactivation form, ID, proof of address | Asset Reclaim Form and evidence of ownership |
What counts as activity
Only transactions you start count. Interest credited by the bank, charges debited by the bank and money sent to you by others do not usually stop an account drifting into dormancy, because the bank wants evidence that the owner is still there. GTBank's reactivation page describes inactivity as no customer-initiated transaction, and says an inactive account is reactivated by any transfer through mobile, internet banking or 737, or a cash or cheque deposit or withdrawal by you.
Bank periods differ
The CBN's 2024 guidelines deal mainly with the long end: accounts dormant for many years and the transfer of unclaimed balances. The shorter periods are in each bank's terms, which is why you will see different numbers.
- GTBank: inactive after 6 months without a customer-initiated transaction; dormant after 1 year.
- Zenith Bank: its FAQ says current accounts become dormant after 6 months of inactivity and savings accounts do not go dormant.
- Fidelity Bank: its online banking FAQ says current accounts become dormant after 6 months of inactivity.
- FirstBank: its dormant account page focuses on accounts inactive for 10 years or more that are eligible for transfer to the CBN.
Check your own bank's current terms; these are as published on the pages we read in October 2026.
Reactivating a dormant account
GTBank's published requirements for an individual are a reactivation form, a utility bill not older than 3 months and a valid ID (international passport, driver's licence, permanent voter's card or national ID), presented at any branch. It waives the ID requirement if the reactivating deposit is no more than ₦50,000 and the cumulative balance no more than ₦300,000. Business accounts need signatory IDs and, for limited companies, a form or board resolution. The CBN Guide to Charges (2020) says dormant account reactivation is free; if you are asked to pay a reactivation fee, challenge it using our charge dispute steps. Our step-by-step guide is how to reactivate a dormant bank account.
After 10 years: the unclaimed balance stage
Once an account has been dormant for 10 years or more, banks transfer the balance to the CBN under the 2024 guidelines. FirstBank and GTBank both describe the reclaim route: check the lists on the bank's site, the CBN site or in newspapers, fill in an Asset Reclaim Form at a branch and provide evidence of ownership, valid ID, evidence of current residence and an affidavit. FirstBank says it verifies and forwards the claim to the CBN within 10 working days, and the CBN refunds through the bank within 10 working days. GTBank says unresolved claims after 15 working days can be escalated to the CBN Consumer Protection Department, as set out in how to complain about a bank. Details are in claiming an unclaimed balance.
A worked scenario
Example only. Amaka opened a current account at a bank whose terms make current accounts dormant after 6 months. She stopped using it in March when her salary moved elsewhere. Her sister sent her ₦20,000 into it in June; that credit did not count, because Amaka did not initiate it. By September the account was dormant and her card was declined. She took her ID and a recent utility bill to a branch, filled in the reactivation form and was not charged a fee, as the CBN guide provides. Had she left it for 10 years, the balance would have gone to the CBN and she would have needed the reclaim process instead.
How to stop it happening
- Make one small transfer from each account you want to keep at least every few months.
- Close accounts you no longer need; the CBN guide says account closure is free.
- Keep your phone number and address current so the bank's notices reach you.
- Tell a trusted person where your accounts are; dormant accounts of deceased customers are a common source of unclaimed balances (see claiming a deceased person's account).
Where Pryme fits
Many people keep a second account only to separate savings from spending. With Pryme, you can set Naira aside in Savings Boxes within the same account, so there is one less account to drift into dormancy.
Questions people ask
How many months before a bank account becomes dormant in Nigeria?
It depends on the bank. GTBank says 1 year without a customer-initiated transaction; Zenith and Fidelity say current accounts become dormant after 6 months.
Do banks charge to reactivate a dormant account?
The CBN Guide to Charges (2020) says dormant account reactivation is free.
What happens to money in a dormant account after 10 years?
Under CBN guidelines issued in July 2024, it is transferred to the CBN as an unclaimed balance. You can still reclaim it through your bank.
Does receiving money keep my account active?
Usually not. Banks look for transactions you initiate, such as a transfer, withdrawal or deposit by you.
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: FAQs · accessed Oct 2026
- Fidelity Bank: FAQs (cards and online banking) · accessed Oct 2026
- CBN: Guide to Charges by Banks, Other Financial and Non-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.