Business
Unclaimed Funds: CBN Directs Banks to Publish Account Details
- CBN Directs Banks to Publish Details of Dormant Accounts, Unclaimed Balances
- According to the CBN, a dormant account is one that has remained inactive for at least one year.
- Directive takes immediate effect
The Central Bank of Nigeria (CBN) has mandated all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
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According to the CBN, a dormant account is one that has remained inactive for at least one year.
This directive was outlined in a circular issued 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, signed by Michael Akuka on behalf of the director of CBN’s Financial Policy and Regulation Department, instructs financial institutions to publish key details, including the account name, type, and the branch where it is domiciled. For other financial institutions (OFIs) without dedicated websites, the information must be published on the website of their respective industry associations.
The CBN also addressed concerns regarding compliance with the Nigeria Data Protection Act, 2023 (NDPA), stating that:
1. Section 25(b) of the NDPA permits justified exceptions to its general principles.
2. Section 72(ii) of the Banks and Other Financial Institutions Act empowers the CBN to issue guidelines on managing unclaimed funds.
3. Banks must publish the specified account details on their websites and, where applicable, on industry association websites. Additionally, the information must be published annually in at least two national newspapers or displayed at the premises of state and unit microfinance banks.
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This directive follows an earlier order from the CBN on July 19, 2024, instructing banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
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