The Central Bank of Nigeria (CBN) has issued a directive mandating all banks and other financial institutions to publish details of dormant accounts, unclaimed balances, and other financial assets on their respective websites.
The directive to the banks was contained in a circular titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” and signed by Michael Akuka on behalf of the Director of Financial Policy and Regulation Department of the CBN.
The CBN said financial institutions must display the names of individuals authorised to operate the accounts, the type of account, and the branch where the account is domiciled on their official websites.
It stated that other financial institutions (OFIs) that do not have websites are required to publish the information on their association’s websites.
“In furtherance thereof, and in response to inquiries 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,” the circular read in part.
“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 and the association’s website (where applicable) shall include the name of the account holder, the type of account, the name of the bank, and the branch where the account is domiciled only.”
The CBN further directed that information must be published annually in at least two national daily newspapers or on the premises of state and unit microfinance banks, conveying the details as listed above.
