CBN to Transfer Funds into Dormant Accounts

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The Central Bank of Nigeria, CBN, has announced that banks will transfer funds in accounts that have been dormant for at least 10 years into a trust fund account.

A circular signed by the Director of the Financial Policy and Regulation Department of CBN, Chibuzor Efobi, stated that this comes on the heels of a request by Deposit Money Banks and other stakeholders to clarify procedures concerning the management of dormant and inactive accounts in the country.

The circular called for inputs within three weeks from banks and related stakeholders.

It stated that banks and other financial institutions must transfer all unclaimed funds into an Unclaimed Balances Trust Fund pool account, which will be domiciled at the CBN.

Written by: Helen Obih

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