The Nigerian Central Bank (NCB) has directed all banks and financial entities to make public the details of inactive accounts, unclaimed funds, and other financial assets through their official online platforms.
As defined by the NCB, an inactive account refers to a bank account that has not recorded any transactions for a minimum period of one year.
This instruction was detailed in a notice released on Monday, titled “Regulations for Handling Inactive Accounts, Unclaimed Funds, and Other Financial Assets in Banks and Financial Institutions in Nigeria.”
The notice was endorsed by Michael Akuka, who signed on behalf of the head of the financial policy and regulation division of the NCB.
Under the newly established rules, banks and other financial organizations must publicly list essential information, including the names of individuals linked to the accounts, the type of account, and the specific branch managing it. This information must be accessible on their official websites.
For financial entities without dedicated online platforms, the NCB has mandated that such details be shared on the websites of their respective industry bodies.
“In line with this, and in response to concerns from stakeholders regarding potential violations of the Nigeria Data Protection Act, 2023 (NDPA), banks and financial institutions must take the following into account,” the NCB stated.
“1. Clause 25 (b) of the NDPA allows for justified exceptions to the Act’s general provisions. Additionally, Clause 72 (ii) of the Banks and Financial Institutions Act grants the Nigerian Central Bank the authority to establish regulations concerning the management of unclaimed funds in financial institutions.
“2. The details to be disclosed on banks’ official platforms, as well as industry association websites (where applicable), should be limited to the account name, account type, name of the bank, and the branch where the account is maintained.
“3. This information must also be published annually in at least two widely circulated national newspapers or displayed at the office premises of state and unit microfinance banks, following the same details outlined in point (2) above.”
This directive builds upon a prior order issued by the NCB on July 19, 2024, instructing banks and financial organizations to transfer unclaimed funds and balances from dormant accounts to the central regulatory body’s designated accounts.
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