The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to publicly disclose information on dormant accounts, unclaimed balances, and other financial assets. In a new circular issued on Monday, the CBN called for transparency in the management of such accounts, mandating financial institutions to display key details like the account holder’s name, account type, and the bank’s branch on their official websites.
For financial institutions lacking dedicated websites, the information will be published on the websites of their respective industry associations.
A dormant account, as defined by the CBN, is one that has been inactive for at least one year. The central bank’s directive aims to ensure greater public awareness and facilitate the proper management of dormant funds.
Additionally, the CBN clarified that the information will also need to be shared annually in two national newspapers or displayed at the premises of microfinance banks. This directive builds on a previous CBN order in July 2024, requiring banks to transfer unclaimed funds from dormant accounts into accounts designated by the apex bank.
The CBN also addressed concerns over the Nigeria Data Protection Act (NDPA), explaining that deviations are permissible under certain circumstances for the public interest, as outlined in relevant sections of the Act.
This move is part of the ongoing efforts to improve financial transparency and ensure that unclaimed funds are properly accounted for in the banking sector.
