CBN orders banks to publish dormant account particulars, unclaimed funds

The Central Bank of Nigeria has directed all banks and monetary establishments to publicly disclose particulars of dormant accounts, unclaimed balances, and different monetary belongings on their official web sites.

A dormant account refers to a checking account that has remained inactive for at the least one 12 months.

The directive was outlined in a round issued on Monday and signed by Michael Akuka on behalf of the Director of CBN’s Monetary Coverage and Regulation Division.

The round, titled “Tips on Administration of Dormant Accounts, Unclaimed Balances, and Different Monetary Belongings in Banks and Different Monetary Establishments in Nigeria”, specifies that monetary establishments should show key particulars such because the names of people authorised to function the accounts, the kind of account, and the department the place it’s domiciled.

This data should be made obtainable on their official web sites.
For different monetary establishments that don’t have devoted web sites, the CBN has mandated that the knowledge be revealed on the web site of their respective business associations.

The round states, “In furtherance thereof, and in response to enquiries from stakeholders concerning the attainable breach of the Nigeria Knowledge Safety Act, 2023 (NDPA), banks and different monetary establishments are required to notice the next.

“1. Part 25 (b) of the NDPA permits justifiable deviations from the final rules of the Act. Additionally, Part 72.

“ (ii) of the Banks and Different Monetary Establishments Act mandates the Central Bank of Nigeria to concern Tips on the administration of unclaimed funds in banks and different monetary establishments.

“2. Info to be revealed on banks’ web sites, in addition to the affiliation’s web site (the place relevant), shall embrace the identify of the account, the kind of account, the identify of the financial institution, and the department the place the account is domiciled ONLY.

“Info to be revealed yearly in at the least two nationwide every day newspapers or the premises of State and Unit microfinance banks shall additionally convey the small print as listed in (2) above.”

PidomNigeria On-line experiences that this directive follows an earlier order issued by CBN on July 19, 2024, requiring banks and monetary establishments to switch unclaimed balances and dormant account funds to the apex financial institution’s designated accounts.