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The Central Bank of Nigeria (CBN) has issued a directive requiring all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other inactive financial assets on their official websites. According to a banker at a leading commercial bank, accounts that have shown no activity for at least one year are typically classified as dormant.
The directive was formalized in a circular released on Monday, titled ‘Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.’ The circular was signed by Michael Akuka, acting on behalf of the Director of the Financial Policy and Regulation Department at the CBN.
Under the new guidelines, financial institutions are required to publish specific details, including the names of individuals authorized to operate the dormant accounts, the type of account, and the branch where the account is held. For financial institutions without their own websites, the CBN has mandated that the information be published on their respective association’s website.
The CBN also addressed concerns regarding potential breaches of the Nigeria Data Protection Act (NDPA) 2023, stating, “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.”
This move is part of the CBN’s efforts to enhance transparency and ensure that unclaimed funds are properly managed and made accessible to their rightful owners.
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