The move is aimed at ensuring that unclaimed monies in dormant accounts are put to good use, the CBN said.
has proposed that banks transfer funds in accounts that have been dormant for up to 10 years into a trust fund account which will ultimately be invested in treasury bills.
Nigeria Inter-Bank Settlement System data recently showed that, of 191.4 million bank accounts, active bank accounts in the country stood at 133.5 million as of December 2021. The CBN listed the eligible dormant accounts and unclaimed balances to include current, savings, and term deposits, domiciliary accounts, prepaid card accounts, and more. The category also includes unclaimed salaries and wages, proceeds of stale local and foreign currency drafts, and judgment debts that have not been claimed by the creditor.
This move is aimed at ensuring that unclaimed monies in dormant accounts are put to good use and will contribute to the development of the Nigerian economy, it said, adding that it will also help to reduce the number of dormant accounts in the banking system.
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