February 19, 2025
All banks and other financial institutions have been directed to publish details of dormant accounts, unclaimed balances, and other financial assets on their websites.
The Central Bank of Nigeria, CBN, gave the directive in a circular that was signed on behalf of the director of the financial policy and regulation department of CBN by Michael Akuka.
According to a banker at one of the commercial banks in a chat, all accounts that have remained inactive for at least one year are often considered dormant.
The regulations, were outlined on Monday, by CBN in a circular titled ‘Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances, and Other Financial Assets In Banks And Other Financial Institutions in Nigeria’.
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CBN said financial institutions must display the names of individuals authorised to operate the accounts, the type of account, and the branch where the account is domiciled on their official websites or publish the information on their association’s website, where other financial institutions (OFIs) do not have websites.
CBN, stated that “In furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks and other financial institutions are required to note the following.”
