CBN orders banks to publish dormant accounts, unclaimed balances
The Central Bank of Nigeria (CBN) has issued a directive mandating all banks and other financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their websites.
The move, outlined in a circular titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” was signed by Michael Akuka on behalf of the Director of the Financial Policy and Regulation Department of the CBN.
The directive requires financial institutions to publish the names of individuals authorized to operate dormant accounts, the type of account, and the branch where the account is domiciled.
Where other financial institutions (OFIs) do not have websites, they must instead publish the information on their association’s website.
The published information must also be printed annually in at least two national newspapers and displayed in the premises of state and unit microfinance banks.
In response to concerns about potential breaches of data privacy, the CBN cited Section 25(b) of the Nigeria Data Protection Act, 2023 (NDPA), which permits justifiable deviations from general privacy protections.
Additionally, Section 72(ii) of the Banks and Other Financial Institutions Act (BOFIA) empowers the CBN to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.
