By Ogaga Ariemu
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 (UBTF) Pool Account” to warehouse unclaimed balances.
Proffering further insights into the policy, the bank’s chief said dormant and unclaimed balances are more susceptible to fraudulent activities.
He stated, “Concerning dormant accounts, what I found personally is if you leave accounts dormant in banks, sometimes more than when you don’t leave them dormant in banks. 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.
“The policy and the directive are meant to ensure that all those monies come to the Central Bank for safekeeping and it is at zero cost to the beneficiaries. All that will happen is that the central bank will manage the money within our possession and when the rightful owner surfaces, the money is returned plus whatever income is accrued to you.”
Meanwhile, CBN according to the reviewed policy exempted dormant and unclaimed accounts that are less than 10 years old and under limitation.
