The Central Bank of Nigeria (CBN), in an attempt to purify the financial industry, has ordered all banks and financial organizations to post information about dormant accounts, unclaimed balances, and other financial assets on their official websites.
Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria is a recent circular that the apex bank released.
The circular states that banks should post information on unclaimed balances, dormant accounts, and other financial assets on their websites and at least two major newspapers.
“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.
“1. Information to be published on banks’ websites as well as the association’s website (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.
“Information to be published annually in at least two national daily newspapers or the premises of state and unit microfinance banks shall also convey the details as listed in (2) above.”
According to earlier reports, the CBN released new guidelines for handling financial assets such as unclaimed balances and dormant accounts.
This decision comes after a previous order from CBN on July 19, 2024, which required banks and financial institutions to move cash from dormant accounts and unclaimed balances to the designated accounts of the apex bank.
