The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to publicly disclose details of dormant accounts and unclaimed balances.
In a circular issued on Monday titled “Guidelines on Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Financial Institutions in Nigeria,” signed by Michael Akuka from the Financial Policy and Regulation Department, the CBN defined a dormant account as one that has remained inactive for at least one year.
Banks are now required to publish key details—such as the account holder’s name, account type, and branch location—on their official websites. For institutions lacking dedicated websites, the information should be made available on the website of their respective industry associations.
This measure is intended to enhance transparency and ensure compliance with the Nigeria Data Protection Act, 2023, and relevant provisions of the Banks and Other Financial Institutions Act.
The directive follows a previous order from July 19, 2024, aimed at streamlining the management and transfer of unclaimed funds into the designated accounts of the apex bank.
