How To Activate a New CBN Account

How To Activate a New CBN Account

What is CBN Account?

The Central Bank of Nigeria is the central bank and apex monetary authority of Nigeria established by the CBN Act of 1958 and commenced operations on 1 July 1959.

How To Activate a New CBN Account

To activate an account that has not been operated for more than two years and has become dormant, you need to visit your branch in person.

Frequently Asked Questions

How can I generate CBN code?

To generate a reference number, according to CBN, customers are required to provide their bank verification number, email address, phone number, bank account details, depositor information (including house address), and the total amount of the denomination to be redeemed.

What is inactive and dormant account?

While the exact timeframes and policies can vary among financial institutions, generally, an account is considered inactive after 12 to 24 months of inactivity, while dormancy typically sets in after a longer period, often exceeding two to five years.

How many days it will take to activate dormant account?

Once you submit the request with the bank in person, it may take few hours to 2-3 days, depending on your bank’s internal processes to start the reactivation process. Once the bank satisfies itself with all the required formalities, your account will become active again.

How do I know if my account is active or not?

If you are able to make transactions through internet banking then this means that your Bank Account is active. If you are unable to make transactions using internet banking then there is a chance that your Bank account is deactivated.

How do I get my money from CBN?

Also, CBN doesn’t hand the loans to businesses directly. Instead, they pass the funds to Partnering Financial Institutions (PFIs) like banks and microfinance institutions, who in turn pass on the money to businesses like yours.

What is the code for CBN wallet?

The initiative enables customers to use the unstructured supplementary service data (USSD) code *997*50# to carry out all banking transactions. Also, customers are able to fund their eNaira wallets with cash-purchased vouchers like GSM recharge cards or from a funded bank account.

How can I activate mobile banking?

Under Mobile Banking, choose the option ‘Registration’, enter your mobile number and choose „Yes‟. When the number is displayed again over the ATM screen, choose „confirm‟ and collect the transaction slip confirming the registration. You will receive a SMS regarding activation of your account.

Why is my bank account not active?

A savings/current account is considered inactive if no transactions are made through it for more than 12 months. What is a dormant account? When you do not make any transactions in your bank account for 24 months, the bank classifies it as a dormant account.

How long can an account be inactive?

Generally, an account is considered abandoned or unclaimed when there is no customer-initiated activity or contact for a period of three to five years. The specific period is based on the escheatment laws of each state.