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CBN DIRECTS BANKS TO PUBLISH DETAILS OF DORMANT ACCOUNTS, UNCLAIMED BALANCES
Amid efforts to sanitise the financial sector, the Central Bank of Nigeria, CBN has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
The apex bank disclosed in a recent circular, titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria.”
According to the circular, banks are expected to publish details of dormant accounts, unclaimed balances, and other financial assets on their websites and at least two in national 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.”
CBN had earlier announced fresh guidelines on the management of dormant accounts, unclaimed balances, and other financial assets.
This directive follows an earlier order issued by CBN on July 19, 2024, mandating banks and financial institutions to transfer unclaimed balances and dormant account funds to the apex bank’s designated accounts.
