February 19, (THEWILL) – The Central Bank of Nigeria has instructed all deposit money banks and other financial institutions to publish details of dormant accounts, including the names of account holders, account types, and branch locations, on their official websites.
The directive was contained in a circular issued on Monday and signed by Michael Akuka, on behalf of the Director of CBN’s Financial Policy and Regulation Department.
The apex bank further mandated financial institutions without websites to publish the details on their association’s website.
According to Akuka, the move aligns with the Guidelines on the Management of Dormant Accounts and aims to enhance transparency in the banking sector.
THEWILL recalls that the CBN had on July 19, 2024, issued updated guidelines on managing dormant accounts, unclaimed balances, and other financial assets, following a review of its 2015 guidelines.
Addressing concerns that the publication of such details might violate the Nigeria Data Protection Act, 2023 , the apex bank clarified that the directive complies with legal provisions.
“Section 25 (b) of the NDPA permits justifiable deviations from the Act’s general principles. Also, Section 72 (ii) of the Banks and Other Financial Institutions Act mandates the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions,” the statement read.
It further outlined that the published information would include, ‘The account holder’s name, the type of account, the name of the bank and the branch where the account is domiciled
Additionally, the directive mandates that financial institutions publish the information annually in at least two national newspapers and display it at the premises of state and unit microfinance banks.
A dormant account, as defined by the CBN, refers to a bank account that has remained inactive for at least one year.
