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 do...