The Central Bank of Nigeria (CBN) has ordered banks to disclose details of dormant accounts, unclaimed balances, and financial assets on their websites. The move aims to enhance transparency and ensure compliance with financial regulations. Banks must publish account holder names, account types, and branch details annually.
The Central Bank of Nigeria (CBN) has instructed all banks and financial institutions to publicly disclose details of dormant accounts and unclaimed balances. This directive, aimed at improving transparency and accountability, requires banks to publish the names of account holders, account types, and the branches where these accounts are domiciled.
A dormant account is defined as one that has remained inactive for at least one year. According to the guidelines, banks must display this information on their official websites, while other financial institutions without dedicated websites will publish the details through their respective industry associations.
The directive was issued through a circular signed by Michael Akuka on behalf of the CBN’s Financial Policy and Regulation Department. The circular also clarifies that this move complies with existing financial regulations, including provisions of the Nigeria Data Protection Act and the Banks and Other Financial Institutions Act.
Furthermore, the CBN requires banks to publish these details annually in at least two national newspapers and display them in the premises of microfinance banks. This follows a previous directive mandating banks to transfer unclaimed funds to designated accounts under CBN management.
By enforcing this policy, the CBN aims to ensure unclaimed funds are properly managed while maintaining public trust in the banking sector. Financial institutions must comply with the directive to avoid regulatory penalties.
