Do you have a bank account you no longer use?
Perhaps you opened it years ago for a particular reason. For some reason, you later switched to another bank, and now you are asking yourself, “How do I close a bank account permanently in Nigeria?”
Whatever the reason, there is one thing I want you to know: stopping the use of a bank account does not mean it has been closed.
An unused account can become inactive or dormant, but that is different from officially closing it.
So, if you’ve been wondering how to close a bank account in Nigeria, whether you can do it online, and whether your bank will charge you for it, you are in the right place.
In this article, we will take you through the process and answer the questions you may have about closing a bank account in Nigeria.
But make sure you read this article to the end.
To cut the long story short, let’s start.
Can You Close a Bank Account in Nigeria?
The shortest answer is yes. You can request to close your bank account through your bank’s approved account-closure process. Depending on your bank and the type of account you operate, this may involve visiting a branch or using an approved digital or customer-service channel.
The Central Bank of Nigeria recognises a customer’s right to end a banking relationship, subject to applicable requirements and outstanding commitments.
However, the process may differ from one bank to another.
Some banks may require you to visit a branch, while others may provide alternative channels for submitting a closure request.
The important thing is to follow your bank’s official procedure and make sure you receive confirmation when the account is closed.
How to Close a Bank Account in Nigeria
If you no longer need a bank account, below are the five step-by-step guidelines you should follow.
1.Check Your Account Balance
This is the first step before you request to close your account.
Find out how much money is in the account. You also need to check for pending transactions, outstanding charges, loans or overdrafts linked to the account, standing instructions, and direct debits or recurring payments.
This information will help you identify anything that needs to be settled before the bank processes your request.
Also, don’t assume that every pending transaction will simply disappear when you close the account. Ask your bank how any pending transaction will be handled.
2.Transfer Your Remaining Money
If you still have money in the account, decide where you want it transferred.
You can transfer the balance to another account, whether it is with a commercial bank such as Access Bank, FirstBank or Union Bank, or a fintech company such as OPay, PalmPay or Moniepoint, subject to your bank’s procedures.
Don’t assume the bank will automatically move your money simply because you have requested account closure.
Give clear instructions on how you want the remaining balance handled.
3.Cancel Subscriptions and Recurring Payments
This is one step people sometimes forget.
Your account may be connected to subscriptions, utility bills, loan repayments or other regular payments.
Before closing it, update those payment arrangements or cancel them if you no longer need them.
Otherwise, you may experience failed payments or other inconveniences after the account is closed.
4.Contact Your Bank and Request Closure
Now, contact your bank through its official customer service channel or visit a branch if required.
Tell them you want to close your account and ask about the necessary documents.
The exact requirements depend on your bank and account type.
Depending on the bank, you may be asked to do the following:
●Complete an account closure form
●Provide your account details.
●Present a valid means of identification.
●Give instructions for transferring any remaining balance.
●Settle outstanding obligations.
5.Get Confirmation That the Account Is Closed
Don’t stop at submitting the request.
Ask the bank to confirm that the account has been officially closed.
Keep any confirmation message, acknowledgement or document you receive. It may come in handy if there is a disagreement later.
What Happens to the Money When You Close Your Bank Account?
Your remaining balance does not automatically disappear because you want to close your account.
You should tell the bank how you want the money transferred or handled.
However, if you have an outstanding loan, overdraft or other financial obligation linked to the account, the bank may need to resolve that before completing the closure.
This is why checking your account properly before submitting your request matters.
Do You Have to Visit the Bank to Close an Account?
No, it is not always compulsory to visit a bank to close your bank account.
You may be able to close your account without visiting a branch, depending on your bank and the type of account you operate.
Some banks may accept requests through approved digital channels or customer service, while others may require physical documentation or a branch visit.
Before travelling, contact your bank and ask whether it supports remote account closure.
Also, use only the bank’s official website, app, USSD codes, phone numbers or verified customer service channels.
Never share your PIN or password with anyone claiming to help you close an account.
Can I Close My Bank Account Using USSD?
Not every bank allows customers to close their accounts through USSD codes.
Although many Nigerian banks and fintech companies have USSD codes for transfers, balance checks and other services, that does not mean the same code can be used to permanently close an account.
If you want to close your account, check your bank’s official app, website or customer service channel for the current account-closure procedure.
Below are the USSD codes for different banks:
Bank
Main USSD Code
GTBank
*737#
Access Bank
*901#
FirstBank
*894#
UBA
*919#
Zenith Bank
*966#
Fidelity Bank
*770#
FCMB
*329#
Sterling Bank
*822#
Stanbic IBTC
*909#
Ecobank
*326#
Wema Bank / ALAT
*945#
Union Bank
*826#
Polaris Bank
*833#
Unity Bank
*7799#
Keystone Bank
*7111#
OPay
*955#
PalmPay
*861#
Moniepoint
*5573#
What If Your Bank Delays Closing Your Account?
If your bank delays your request, don’t just keep waiting without an explanation.
Ask why the closure has not been completed. There may be an outstanding transaction, unresolved obligation or missing document.
If the issue continues, submit a formal complaint to the bank and keep the complaint reference.
The CBN advises customers to complain to their financial institution first. If the bank does not resolve the matter within the applicable timeframe, you can escalate the complaint to the CBN’s Consumer Protection Department.
What Happens If You Simply Stop Using Your Bank Account?
This is where many people get confused. An unused bank account is not automatically a closed bank account.
Under the CBN’s guidance, an account without a customer-initiated transaction for six to twelve months may be classified as inactive. If the inactivity continues for one year or more, it may be classified as dormant.
That still does not mean the account has been formally closed.
The CBN’s guidelines also provide for certain dormant balances to become eligible for transfer to the CBN after ten years, subject to the applicable rules.
So, if you no longer need an account, don’t just abandon it.
Contact your bank and ask for the proper closure procedure.
Frequently Asked Questions (FAQs)
Q1: Can I close my bank account without going into the bank?
A1: Yes, but it depends on your bank and the type of account you operate. Some banks may allow account closure through approved apps or customer service channels, while others may require you to visit a branch or submit physical documents. Contact your bank to confirm the available options before making a trip.
Q2: How do I permanently close my bank account online?
A2: If your bank supports online account closure, follow the instructions on its official app or internet banking platform. You may need to verify your identity, complete a closure request and provide instructions for any remaining balance. If the option is unavailable, contact customer service to find out how to proceed.
Q3: Will a bank account automatically close if it reaches zero balance?
A3: No. Having a zero balance does not mean your bank has officially closed the account. The account may remain active or become inactive depending on its usage and the bank’s procedures. If you no longer need it, submit a formal closure request.
Q4: How much does it cost to close a bank account?
A4: There is no single closure fee that applies to every Nigerian bank and account type. Before submitting your request, ask your bank whether there are fees or outstanding charges you need to settle.
Q5: Can an unused bank account close automatically?
A5: No is the shortest answer. An unused account may eventually become inactive or dormant under the applicable CBN guidelines. However, becoming inactive or dormant is different from formally closing the account. If you want to permanently end the account, contact your bank and request official closure.
Conclusion on How to Close a Bank Account in Nigeria
Closing a bank account is not usually complicated, but you should do it properly.
You need to check your balance, settle outstanding obligations, move your money and follow your bank’s closure procedure.
Most importantly, get confirmation that the account has actually been closed.
Don’t assume that because you haven’t used an account for years, it no longer exists.
Now, here’s a question:
Do you have an old bank account you stopped using, or have you ever gone through the process of closing one? Tell us in the comments.
