The Central Bank of Nigeria, CBN, has announced new guidelines for management of dormant accounts, unclaimed balances, and other financial assets in banks and other financial institutions across the country.
CBN now requires banks and certain other financial institutions to publish on their websites the names of individuals authorised to operate these accounts.
It also mandates financial institutions to disclose the type of account and the address of the branch where the account is domiciled.
This was contained in a statement signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department of CBN.
“The Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria 2024 require banks and some other financial institutions to publish on their websites the names of individuals authorised to operate the accounts, the type of account, and the address of the branch where the account is domiciled. In the case of other financial institutions (OFIs) without websites, this information must be published on their association’s website.
“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: “Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Additionally, Section 72 (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.
“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 at the premises of state and unit microfinance banks shall also convey the details as listed in (2) above,” the statement read.
