CBN instructs banks to transfer funds from dormant accounts
"Transfer funds in dormant account to us," CBN directed all Nigerian banks. Learn more:
CBN instructs banks to transfer funds from dormant accounts
The Central Bank of Nigeria (CBN) has issued a directive requiring all banks and financial institutions to transfer funds from dormant accounts and unclaimed balances to the apex bank's centralized account. This decision follows a review of the guidelines on managing dormant accounts, which was last updated in October 2015. The revised guidelines, effective immediately, operationalize Section 72 of the Banks and Other Financial Institutions Act (BOFIA) 2020. They standardize the management of dormant accounts and unclaimed balances, outlining procedures for their administration by financial institutions. The CBN emphasized that the directive is a result of consultations with relevant stakeholders, ensuring that their feedback was incorporated into the new guidelines. In a circular issued on 19th July 2024 by Mr. John Onoja, the Acting Director of Financial Policy and Regulations at the CBN, it was indicated that accounts which have remained dormant for 10 years or more will be affec…
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