All banks and financial institutions have been directed by the Central Bank of Nigeria (CBN) to make information about dormant accounts, unclaimed balances, and other financial assets available to the public on their official websites.

A bank account that has not been used for at least a year is considered a dormant account, according to CBN.

A circular titled “Guidelines on Management of Dormant Account, Accounts, Unclaimed Balances and Other Financial Assets in Banks and Other Financial Institutions in Nigeria” was released on Monday, outlining the order.

On behalf of the director of CBN’s financial policy and regulation division, Michael Akuka signed the circular.

According to the new rules, financial institutions must show important information such the type of account, the branch where it is located, and the names of the people who are permitted to manage the accounts. Their official websites must provide this information.

CBN has ordered that the information be posted on the websites of the industry groups that represent other financial institutions (OFIs) that do not have their own websites.

“Banks and other financial institutions are required to note the following in furtherance of that, and in response to inquiries from stakeholders regarding the potential breach of the Nigeria Data Protection Act, 2023 (NDPA),” the CBN said.

1. The NDPA’s Section 25(b) allows for acceptable departures from the Act’s broad guidelines.

The Central Bank of Nigeria is required to provide guidelines on the management of unclaimed cash in banks and other financial institutions under section (ii) of the Banks and Other Financial Institutions Act.

2. The name of the account, the kind of account, the bank name, and the branch where the account is domiciled are the only details that must be posted on the websites of banks and, if relevant, the association.

The details mentioned in (2) above must also be included in the information that is published yearly in at least two national daily newspapers or on the websites of State and Unit microfinance banks.