CBN directs banks to publish details of dormant accounts, unclaimed balances

CBN directs banks to publish details of dormant accounts, unclaimed balances.

The Central Bank of Nigeria (CBN) has issued new regulations for managing dormant accounts, unclaimed balances, and other financial assets in banks and financial institutions across the country. According to reports from The Cable, these guidelines were detailed in a circular titled, “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.”

The circular, signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department of CBN, defines a dormant account as any bank account that has remained inactive for at least one year.

According to the CBN, financial institutions are required to publicly display certain details about dormant accounts on their official websites. These details include the name of the account holder, the type of account, and the branch where the account is domiciled. For financial institutions without websites, the information must be published on the website of their industry association.

The CBN also clarified concerns raised by stakeholders regarding compliance with the Nigeria Data Protection Act, 2023 (NDPA). It stated that Section 25(b) of the NDPA permits justified exceptions to the Act’s general principles, while Section 72(ii) of the Banks and Other Financial Institutions Act authorizes the CBN to establish guidelines for the management of unclaimed funds.

Under the new directive, banks and financial institutions are to ensure that the information made public is limited to the account holder’s name, account type, the name of the bank, and the branch where the account is domiciled. This information must also be published annually in at least two national newspapers or displayed in the premises of state and unit microfinance banks.

In addition to managing dormant accounts, the guidelines include processes for account owners and beneficiaries to reclaim funds that have been inactive for up to 10 years. The CBN emphasized that these measures are part of broader efforts to enhance transparency and ensure unclaimed funds are effectively managed while protecting the rights of account owners

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