CBN Mandates Banks to Publish Details of Dormant Accounts and Unclaimed Funds

In a notable shift in policy, the Central Bank of Nigeria (CBN) has directed banks and financial institutions to publicly disclose information about dormant accounts, unclaimed balances, and other financial assets. This directive, issued in a circular dated February 17, 2025, is aimed at enhancing transparency and better management of unclaimed funds within Nigeria’s banking system.

The new guidelines require financial institutions to publish details of dormant accounts on their official websites, including the names of authorized account operators, account types, and the branch location of the account. For financial institutions that lack websites, the information must be posted on their industry association’s website. In addition, CBN mandates the publication of these details annually in at least two national newspapers, while microfinance banks are expected to display the information on their premises.

The CBN’s move is aligned with existing legal frameworks and is designed to promote transparency and accountability in managing dormant accounts and unclaimed funds. The circular also emphasizes that the guidelines aim to reduce the prevalence of dormant accounts, encouraging account holders to engage more actively with their financial assets and reduce the accumulation of unclaimed funds.

As part of broader efforts to instill greater public trust, the CBN’s directive aims to foster better customer outreach from banks. This transparency measure is expected to encourage banks to improve communication with account holders and ensure that account status information is readily available, benefiting both customers and the financial system.

SOURCE: LEADERSHIP