CBN Directs Banks to Publish Dormant Account, Unclaimed Dividends
The Central Bank of Nigeria (CBN) has directed all banks and other financial institutions to publish details of dormant accounts, unclaimed balances, and other financial assets on their websites. All accounts that have remained inactive for at least one year are often considered dormant, a banker at one of the commercial banks said in a chat.
The CBN outlined the regulations in a circular on Monday, titled ‘Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances, and Other Financial Assets In Banks And Other Financial Institutions in Nigeria’.
The circular was signed by Michael Akuka, on behalf of the director of the financial policy and regulation department of CBN. 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.
In cases where other financial institutions (OFIs) do not have websites, CBN said they are required to publish the information on their association’s website.
“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,” CBN said. #CBN Directs Banks to Publish Dormant Account, Unclaimed Dividends ECA, AfCFTA Enhance Cooperation for Effective Trade Implementation
