The Central Financial institution of Nigeria (CBN) has directed all banks and different monetary establishments to reveal particulars of dormant accounts, together with the names of account holders, the kind of accounts, and the branches the place the accounts are domiciled.
The directive, issued in a round dated 17 February and signed by the Director, Monetary Coverage and Regulation Division, Micheal Akuka, requires these particulars to be printed on banks’ web sites, trade affiliation web sites, and in at the very least two nationwide newspapers.
The transfer follows the implementation of the Tips on the Administration of Dormant Accounts, Unclaimed Balances, and Different Monetary Property in Banks and Different Monetary Establishments in Nigeria 2024. The rules purpose to boost transparency and guarantee unclaimed funds are correctly accounted for.
“The Tips on Administration of Dormant Accounts, Unclaimed Balances and Different Monetary Property in Banks and Different Monetary Establishments in Nigeria 2024, requires banks and another monetary establishments to publish on their web sites, the names of people licensed to function the accounts, the kind of account and the tackle of the department the place the account is domiciled. Within the case of different monetary establishments (OFIs) with out web sites, to publish on their affiliation’s web site,” it stated.
Justification
Based on the financial institution, the directive comes amid issues from stakeholders over potential breaches of the Nigeria Knowledge Safety Act 2023 (NDPA). Nevertheless, the CBN insists that the disclosures are legally justified.
The regulator stated Part 25 (b) of the NDPA permits justifiable deviations from the overall ideas of the Act. Additionally, Part 72 (i) of the Banks and Different Monetary Establishments Act mandates the Central Financial institution of Nigeria to concern Tips on the administration of unclaimed funds in banks and different monetary establishments,
Below the brand new tips, people with dormant accounts could discover their particulars publicly accessible except they reactivate their accounts or declare their balances.
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Banks are anticipated to supply a mechanism for account holders to reclaim funds earlier than such disclosures are made.
“Info to be printed yearly in at the very least two nationwide day by day newspapers or the premises of State and Unit microfinance banks, shall additionally convey the small print as listed above,” it stated.
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