Nigeria's Central Bank has implemented a significant regulatory adjustment that carries meaningful implications for foreign investors and fintech operators operating within Africa's largest economy. The March 2026 circular rescinding affidavit requirements for dormant account reactivation represents more than a procedural simplification—it reflects a broader policy recalibration aimed at reducing friction in the financial system and expanding banking accessibility. The background to this decision is rooted in a persistent challenge across West African banking sectors: the accumulation of dormant accounts that sit inactive for extended periods, often due to administrative or verification barriers rather than lack of customer interest. Previous CBN guidelines required customers to submit affidavits—costly, time-consuming legal documents—simply to regain access to their own funds. This created an unintended barrier that disproportionately affected lower-income segments and informal business operators, precisely the demographic groups that formal financial inclusion initiatives target. The removal of this requirement addresses a structural inefficiency that has frustrated both financial institutions and their customers. From an operational perspective, banks faced mounting administrative costs processing affidavits while customers encountered delays ranging from weeks to months. For European investors evaluating market entry or expansion strategies in Nigeria's financial services sector, this regulatory shift signals the CBN's commitment to
Gateway Intelligence
European fintech investors should prioritize Nigerian platforms offering seamless account reactivation solutions, as regulatory friction reduction creates immediate demand from dormant account holders and banks seeking efficient re-engagement tools. The policy shift indicates CBN receptiveness to operational simplification—a favorable signal for investors proposing additional regulatory streamlining proposals to management. Monitor implementation variance across major banking groups; institutions leading digitized reactivation processes will capture market share as customer expectations align with regulatory intent.
