2023-04-11 | FPR/DIR/PUB/CIR/001/071

Guidelines on the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria - Exposure Draft

The Central Bank of Nigeria (CBN) issues guidelines for managing dormant accounts and unclaimed balances in financial institutions. These guidelines aim to protect customer funds, prevent fraud, and ensure compliance with the Banks and Other Financial Institutions Act, 2020. Financial institutions must monitor inactive accounts, notify customers, and establish procedures to maintain contact with them. The CBN will open a dedicated account for warehousing unclaimed balances and will oversee its management and refund processes.

Nigeria

Central Bank of Nigeria

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