The Central Bank of Nigeria (CBN) has mandated that all banks and financial institutions disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites. The directive, outlined in a circular issued on Monday and titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances, and Other Financial Assets in Banks and Other Financial Institutions in Nigeria,” aims to enhance transparency in the financial sector.
Signed by Michael Akuka on behalf of the Director of CBN’s Financial Policy and Regulation Department, the new guidelines require institutions to publish essential information such as the names of individuals authorized to manage the accounts, the account types, and the specific branches where these accounts are held. For financial institutions that lack their own websites, the disclosure must appear on the website of their corresponding industry association.
In response to stakeholder concerns regarding potential breaches of the Nigeria Data Protection Act, 2023 (NDPA), the CBN emphasized that only limited, key account details should be shared publicly. Specifically, the information to be posted on bank websites—and on the relevant association’s site where applicable—must include solely the name of the account, the account type, the bank’s name, and the branch where the account is domiciled.
Furthermore, the directive stipulates that these details must also be published annually in at least two national daily newspapers or made available at the premises of State and Unit microfinance banks.
This move follows an earlier order from CBN on July 19, 2024, which instructed banks and financial institutions to transfer funds from dormant accounts and unclaimed balances to designated accounts at the apex bank.
