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New policy on dormant accounts introduced

18 February 2015, 12:20

Abuja - The Central Bank of Nigeria has introduced new guidelines for the treatment and management of dormant account balances by deposit-taking financial institutions, Punch reports.

The bank, in a circular released signed by its Director, Financial Policy and Regulation Department, Kevin Amugo, on Tuesday, stated that the absence of clear guidelines for the management of dormant accounts had resulted in the disproportionate treatment of such account balances by deposit-taking financial institutions.

Also read: CBN measure to save Naira unconventional, analysts say

This, it noted, was generating concern among bank account holders, regulators and other stakeholders.

The CBN also said accounts shall retain their interest earning status during the period of dormancy in the bank. Deposit-taking financial institutions shall continue to monitor accounts that show tendencies of inactivity and where necessary, initiate actions for their activation or protection from wrong usage.

Read more at Punch

- News 24

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