CBN directs banks to publish account name, dormant types, unclaimed balances

The Central Bank of Nigeria (CBN) has directed commercial banks and other financial institutions to publish the name of the account, the type of account, the name of the bank, and the branch where the dormant account is domiciled only.

This is disclosed in a circular entitled, ‘Guidelines On Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions in Nigeria’ and signed by Micha L C. Akuka, for: director, financial policy and regulation department, CBN.

In July 2024, the apex bank released the guidelines on management of dormant accounts, unclaimed balances and other financial assets in banks and Other Financial Institutions (OFIs) in Nigeria. The guidelines 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 without websites, to publish on their association’s website.

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The circular reads: “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 that Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act. Also, 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.”

The circular said information to be published annually in at least two national daily newspapers or the premises of State and Unit microfinance banks, shall also convey the details as listed in (2) above.