The Governor of the Central Bank of Nigeria, Olayemi Cardoso has explained that it ordered banks to transfer all dormant accounts and unclaimed balances to a specialized account to prevent fraud. Cardoso disclosed this on Tuesday while briefing Journalists at the end of the two-day 296th Monetary Policy Committee Meeting in Abuja.
Recall that the Apex Bank issued new guidelines last week to the bank regarding dormant accounts which said it would create and manage an account called the “Unclaimed Balances Trust Fund Pool Account” to warehouse unclaimed balances. https://dailypost.
Most times, they are more susceptible to fraudsters copying your identity and trying to gain hold of the system to grab your money. So, that is a problem I think most money banks face” He noted that policy directive on dormant accounts and unclaimed balances is meant to ensure that the funds come to the Central Bank for safekeeping and zero cost for beneficiaries.
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