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
Banks set their own short-term dormancy periods: GTBank calls an account inactive after six months without a customer-initiated transaction and dormant after one year, and Zenith says current accounts go dormant after six months. Under CBN guidelines issued in July 2024, balances untouched for 10 years or more are moved to the CBN. A small transaction you start yourself, such as a transfer or bill payment, every few months keeps most accounts active.
Two clocks, not one
People often mix up two separate rules. The first is the bank's own dormancy policy, which decides when an account is restricted and needs reactivating. The second is the CBN's rule on unclaimed balances, which decides when long-forgotten money is transferred out of the bank altogether.
| Rule | What it says | Source |
|---|---|---|
| GTBank inactive | No customer-initiated transaction for 6 months | GTBank account reactivation page |
| GTBank dormant | No customer-initiated transaction for 1 year | GTBank account reactivation page |
| Zenith | Current accounts dormant after 6 months; savings accounts do not go dormant | Zenith Bank FAQs |
| Fidelity | Current accounts dormant after 6 months of inactivity | Fidelity Bank FAQs |
| CBN unclaimed balances | Accounts inactive for 10 years or more are transferred to the CBN | GTBank and FirstBank pages citing CBN guidelines of 19 July 2024 |
Other banks publish different periods or none at all. If your bank's page is silent, ask it in writing which period applies to your account type.
What counts as activity
The phrase that matters is customer-initiated. GTBank lists transfers by mobile, internet or USSD, and cash or cheque deposits or withdrawals, as reactivating an inactive account. Money arriving from someone else may not reset the clock at every bank, and bank charges or interest credits do not count as you using the account. The safest assumption is that only something you start counts.
- A small transfer out, to yourself or a relative
- An airtime or bill payment from the app
- A card payment, where your naira card works online
- A deposit you make, if the bank treats it as customer-initiated
If it has already gone dormant
Reactivation is meant to be free: the CBN's Guide to Charges (effective 1 January 2020) lists dormant account reactivation as waived. What it costs you is paperwork.
GTBank's page sets out a route for non-resident Nigerians: a signed reactivation form, a notarised utility bill or stamped statement from the last three months, and a valid Nigerian ID or a notarised foreign ID with an expired Nigerian ID, sent to nrnaccount@gtbank.com. Resident customers go to a branch with the form, a recent utility bill and ID. Access Bank's account management form lists dormant reactivation with a reason, ID, utility bill and a compliance form, and accepts a diaspora passport with a visa or notarised permit.
- Contact the bank through its official channels and ask for the non-resident or diaspora reactivation route.
- Get your foreign address proof notarised if the bank asks for it.
- Check that your BVN and NIN are linked; CBN rules require both on Tier 2 and Tier 3 accounts.
- Keep a copy of everything you send and the date.
Accounts people forget
Dormancy usually catches the account you were not thinking about. Watch for these:
- A second naira account you opened for a salary job before you left, now with a few thousand naira in it.
- A domiciliary account that received one transfer years ago. The pages above do not say whether domiciliary accounts follow the same periods, so ask the bank which one applies.
- A joint account with a parent or sibling, where the other holder has also stopped using it.
- An account linked to an old Nigerian phone number. If the number lapses, you may lose the SMS codes you need to log in and make the very transaction that would keep the account active.
If you no longer need an account, closing it properly is often better than letting it drift into dormancy. The CBN Guide to Charges lists account closure as waived, so there should be no fee for doing it.
If the money has gone to the CBN
After 10 years, the balance is transferred, not lost. FirstBank's page says you fill in an Asset Reclaim Form, provide evidence of ownership, valid ID, proof of current residence and an affidavit; the bank verifies and forwards to the CBN within 10 working days, and the CBN refunds through the bank within 10 working days. GTBank says unresolved claims can be escalated to the CBN's consumer protection department after 15 working days.
A worked example
Example: Ada left Lagos in 2023 with ₦400,000 in a GTBank current account and stopped using it. By GTBank's published rules, it would have been inactive after six months and dormant after a year. One customer-initiated transfer before the first anniversary would have avoided the reactivation paperwork entirely.
Where Pryme fits
If keeping an old account alive is mostly about receiving naira from family or tenants, a Pryme multicurrency account, opened from any country, gives you naira details alongside pound, dollar and euro details. The Personal Assistant can remind you to make the small transactions an older account needs; it prepares, and nothing moves without your approval. For what happens to money sent to an account that has already gone dormant, see transfers to a dormant Nigerian account, and the full CBN rules are in dormant accounts and unclaimed balances in Nigeria.
Questions people ask
How long before a Nigerian bank account becomes dormant?
It depends on the bank. GTBank says inactive at six months and dormant at one year; Zenith and Fidelity say current accounts go dormant after six months. Ask your bank.
Does receiving money stop my account going dormant?
Not reliably. Banks count customer-initiated transactions, so make a transfer or payment yourself every few months.
Can I reactivate a dormant Nigerian account from abroad?
Often yes. GTBank publishes an email route for non-resident Nigerians with notarised documents. Ask your bank for its diaspora process.
Is there a fee to reactivate a dormant account?
The CBN Guide to Charges lists dormant account reactivation as waived, and GTBank says there is no charge.
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
- CBN: Guide to Charges by Banks, Other Financial and Non-Financial Institutions (effective 1 January 2020) · accessed Oct 2026
- Access Bank: Account Management Request Form · 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.