CBN to Publish Names of Owners of Dormant Accounts Yearly

Central Bank of Nigeria (CBN), said it would publish the names of owners of unclaimed balances in dormant accounts that is being transferred to the Unclaimed Balances Trust Fund (UBTF) Pool Account.

CBN disclosed this among other things in a statement titled: “Frequently Asked questions on the Guidelines for the management of dormant accounts, unclaimed balances and other financial assets in banks and other financial institutions in Nigeria.

The apex bank said: “The CBN shall publish annually on its website, the list of owners of unclaimed balances that have been transferred to the ‘UBTF Pool Account’, the procedure for reclaim of warehoused funds and other financial assets; and publish annually a notice in three national daily newspapers inviting members of the public to check details of outstanding unclaimed balances in its custody.

According to apex bank, unclaimed balances are account balances and other financial assets that have remained dormant for a minimum of ten years in the books of financial institutions, FIs, and qualify for transfer to the CBN.

CBN also explained that the Guidelines cover Dormant Accounts, which are different from Domiciliary Accounts.

It added: “Dormant accounts are accounts that have been inactive for more than 10 years, while domiciliary are accounts that hold currencies other than the Naira.”

Highlighting the difference between an inactive and a dormant account, CBN said: “An inactive account is an account that has no customer-initiated transaction for six (6) to twelve (12) months, while a dormant account is an account that has remained inactive for one year or more.”

It noted that accounts eligible as dormant status includes current, savings, term deposits in local currency, domiciliary accounts, deposits for shares and mutual investments, prepaid card accounts and wallets, government-owned accounts, and others as specified in the Guidelines by the CBN.