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Concerns in Banking Sector as CBN Moves Forward with Dormant Account Policy

Somto NwanoluebySomto Nwanolue
April 21, 2023
in News
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Concerns in Banking Sector as CBN Moves Forward with Dormant Account Policy
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Nigerian banks, their customers, and other relevant stakeholders have expressed concerns over the Central Bank of Nigeria’s (CBN) proposed policy aimed at sweeping up funds trapped within dormant bank accounts. According to the concerned parties, the policy could have unintended and unexpected consequences on the banking sector if pushed ahead.

The Central Bank had earlier released a guideline explaining the policy and how the plan was for banks and other financial institutions to send monies in accounts that had lain dormant for a period of up to 10 years into an Unclaimed Balances Trust Fund account. According to Chibuzor Efobi, the Director of the Financial Policy and Regulation Department of the central bank, the release of these guidelines was made in response to requests from financial institutions for CBN to make clear the modus operandi for the management of inactive accounts.

So far, eligible accounts and assets that fall under the domain of the move include all local currency accounts (current, savings, and term deposits), domiciliary accounts, share purchases and mutual investments, prepaid card accounts and wallets, unclaimed salaries, commissions, and bonuses.

Tags: and other relevant stakeholders have expressed concerns over the Central Bank of Nigeria’s (CBN) proposed policyDormant Account PolicyNigerian bankstheir customers
Somto Nwanolue

Somto Nwanolue

Somto Nwanolue is a news writer with a keen eye for spotting trending news and crafting engaging stories. Her interests includes beauty, lifestyle and fashion. Her life’s passion is to bring information to the right audience in written medium

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