The Central Bank of Nigeria (CBN) has issued new guidelines requiring banks and financial institutions to transfer unclaimed balances and funds from dormant accounts to the CBN’s accounts
The guidelines, effective immediately, aim to reunite dormant accounts and unclaimed balances with their rightful owners.
Dormant accounts are defined as those inactive for at least one year, and eligible accounts include those with balances dormant for 10 years or more.
The CBN will establish the Unclaimed Balances Trust Fund (UBTF) Pool Account to manage these funds, overseen by a management committee.
Account owners or beneficiaries must complete a reactivation form in person and provide required documents to access the list of unclaimed balances transferred to the CBN.
The CBN will ensure compliance through surveillance and examinations of banks and financial institutions.
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