2024-07-30 | FPR/DIR/PUB/CIR/002/012

Frequently Asked Questions (FAQs) on the Guidelines for the Management of Dormant Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria

The CBN in Nigeria has issued guidelines to standardize the management of dormant accounts and unclaimed balances, addressing issues such as fraud and inadequate compensation for fund owners. The guidelines outline procedures for identifying and managing these accounts, with a dedicated office established to oversee the process. Customers can reactivate dormant accounts or reclaim unclaimed balances without incurring fees, and disputes are resolved through the CBN's Consumer Protection Regulation.

Nigeria

Central Bank of Nigeria

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