*The Central Bank of Nigeria directs the Deposit Money Banks and Other Financial Institutions to publish the name of the account, the type of account, the name of the bank, and the branch where a dormant account is domiciled to protect consumers and avoid potential breach of the Nigeria Data Protection Act (NDPA) 2023

Alexander Davis | 绿帽献妻

In a bid to prevent a possible breach of the Nigeria Data Protection Act (NDPA) 2023, the Central Bank of Nigeria (CBN) has directed Deposit Money Banks (DMBs) and Other Financial Institutions (OFIs) to publish the name of the account, the type of account, the name of the bank, and the branch where a dormant account is domiciled.

Micha L C. Akuka, Director of Financial Policy and Regulation Department at CBN, disclosed this in a circular, titled: “Guidelines On Management Of Dormant Accounts, Unclaimed Balances And Other Financial Assets In Banks And Other Financial Institutions in Nigeria”.

绿帽献妻 had reported that the Bankers’ Bank, July 2024, had released the guidelines on management of dormant accounts, unclaimed balances and other financial assets in banks and OFIs in Nigeria.

The guidelines require banks and some Other Financial Institutions to publish on their Web sites, the names of individuals authorised to operate the accounts, the type of account, and the address of the branch where the account is domiciled.

It also stated: “In the case of other financial institutions without Web sites, to publish on their association鈥檚 Web site.”

Akuka, Director of Financial Policy and Regulation Department of CBN, in the new circular said: 鈥淚n furtherance thereof, and in response to enquiries from stakeholders regarding the possible breach of the Nigeria Data Protection Act, 2023 (NDPA), banks, and other financial institutions are required to note that Section 25 (b) of the NDPA permits justifiable deviations from the general principles of the Act.

“Also, Section 72 (ii) of the Banks and Other Financial Institutions Act mandates the Central Bank of Nigeria to issue guidelines on the administration of unclaimed funds in banks and other financial institutions.鈥�

The Bank stated: “Information to be published on banks鈥� Web sites as well as the association鈥檚 Web site (where applicable) shall include the name of the account, the type of account, the name of the bank, and the branch where the account is domiciled ONLY.鈥�

The CBN circular as well indicated information to be published annually in at least two national daily newspapers, or the premises of state and unit microfinance banks, shall also convey the details as listed in (2) above.