Regulatory Alerts2022-11-23
Guidelines on the Treatment of Dormant Electronic Money Accounts and Unclaimed Balances, 2022
The Bank of Ghana issued these 2022 guidelines to mandate Dedicated Electronic Money Issuers and Float Holding Banks to classify, monitor, and manage dormant electronic money accounts and unclaimed balances. Issuers must block inactive accounts after twelve months, notify holders via SMS, allow fee-free reactivation within three working days, and invest terminated balances in government securities while transferring unclaimed funds to the central bank after three years. The framework establishes clear reclamation procedures for account holders, imposes administrative penalties of at least five thousand units for non-compliance, and requires regular reporting to ensure adequate fund protection.
Share