The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to publicly disclose details of dormant accounts, unclaimed balances, and other financial assets on their official websites.
The directive, issued in a circular on Monday and signed by Michael Akuka on behalf of the CBN’s Financial Policy and Regulation Department, is aimed at improving transparency and ensuring that funds left inactive do not go unnoticed.
According to the apex bank, a dormant account is any bank account that has remained inactive for at least one year. Under the new guidelines, financial institutions must publish key details, including the names of account holders, account types, and branch locations.
“For other financial institutions (OFIs) that do not have dedicated websites, CBN has mandated that the information be published on the website of their respective industry associations,” the statement read.
The CBN reassured Nigerians that this directive does not violate the Nigeria Data Protection Act (NDPA) 2023, stating that Section 25(b) of the law permits justifiable deviations, while Section 72(ii) of the Banks and Other Financial Institutions Act empowers the apex bank to regulate unclaimed funds.
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As part of the new regulations, banks must also publish these details in at least two national newspapers annually. The directive builds on a previous order issued on July 19, 2024, mandating banks to transfer unclaimed balances and dormant funds to CBN’s designated accounts.
This move has sparked mixed reactions, with financial analysts questioning its potential privacy implications, while others see it as a step toward recovering billions of naira in idle funds.