CBN Drops a Bombshell: Banks Must Reveal Dormant Accounts & Unclaimed Funds!
The Central Bank of Nigeria (CBN) has dropped a major directive, and trust me, it’s a game-changer. Banks and financial institutions must now publicly disclose details of dormant accounts and unclaimed balances on their official websites. Yep, you read that right! No more hidden funds; everything’s coming to light.
So, here’s the deal: A dormant account has been chilling for a year without any activity. If your money has been lying idle in a bank for too long, the CBN wants you to know where it’s. To make this happen, banks are required to list out key details, including:
- Names of people authorized to operate the account
- The type of account (savings, current, etc.)
- The branch where the account is domiciled
And if a financial institution doesn’t have a website? No excuses! The info must be published on the website of their industry association.
Some people are worried about privacy, especially with Nigeria’s Data Protection Act (NDPA) in place. But CBN has got it covered! According to the guidelines, Section 25(b) of the NDPA allows certain exceptions when necessary. The Banks and Other Financial Institutions Act allows CBN to manage unclaimed funds.
In addition to bank websites, expect these details in at least two national newspapers yearly. If you bank with State or Unit Microfinance Banks, you might find the information displayed at their physical locations. Transparency just hit a whole new level!
This directive isn’t just for showing; it’s about ensuring that unclaimed funds don’t disappear into thin air. Last year, on July 19, 2024, CBN had already ordered banks to transfer dormant account balances to their designated accounts. Now, they’re taking things further by making everything public and accessible.
If you’ve ever lost track of an old account, now’s the perfect time to check if your money is sitting somewhere, waiting for you to claim it. Stay informed, stay smart, and watch those bank announcements!
