2024-07-19 | FPR/DIR/PUB/CIR/002/011

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

The Central Bank of Nigeria (CBN) has issued revised guidelines for managing dormant accounts, unclaimed balances, and other financial assets in financial institutions. The guidelines aim to standardize the management of these accounts and assets, protect customers, and ensure compliance with the Banks and Other Financial Institutions Act (BOFIA) 2020. Financial institutions are required to monitor inactive accounts, notify customers, and establish procedures to maintain continuous contact with them, while the CBN will open an "Unclaimed Balances Trust Fund (UBTF) Pool Account" to warehouse unclaimed balances and establish a management committee to oversee its operations.

Nigeria

Central Bank of Nigeria

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