The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to publish details of dormant accounts, unclaimed balances, and other financial assets on their websites.
This directive is outlined in a new circular issued by the apex bank on Monday, titled Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Financial Institutions in Nigeria.
A dormant account is defined as any bank account that has not been active for at least one year.
Under the new guidelines, financial institutions are required to display key information about these accounts, including the names of the individuals authorized to operate them, the type of account, and the branch where the account is domiciled.
These details must be published on the official websites of the financial institutions.
For other financial institutions (OFIs) that do not have their own websites, the CBN has instructed that such information should be made available on the website of their respective association.
Additionally, this information must also be published annually in at least two national daily newspapers, or displayed at the premises of state and unit microfinance banks.
The CBN further addressed concerns raised by stakeholders regarding potential violations of the Nigeria Data Protection Act (NDPA), 2023, emphasizing that Section 25(b) of the NDPA allows for justifiable deviations from its general principles.
The CBN also referenced Section 72(ii) of the Banks and Other Financial Institutions Act, which mandates the apex bank to issue guidelines regarding the management of unclaimed funds in financial institutions.
To reinforce this, the CBN reminded financial institutions that the information published should include only the name of the account holder, the type of account, the name of the bank, and the branch where the account is held.
This directive follows a previous order by the CBN on July 19, 2024, requiring that unclaimed balances and funds from dormant accounts be deposited into CBN’s accounts.
The CBN has also issued guidelines for account owners and beneficial owners to recover funds that have remained dormant for up to 10 years.
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