Recently, a Central Bank of Nigeria (CBN) directive regarding dormant accounts sparked widespread concern and misinformation. Many people feared that the government was attempting to seize funds from inactive accounts.
However, this fear is unfounded. The CBN’s primary goal is to ensure the safety and security of unclaimed funds. By transferring these funds to a dedicated trust fund, the central bank aims to prevent fraud, maintain accurate records, and invest the money to generate returns.
It’s important to note that the process for reclaiming funds from dormant accounts is transparent and straightforward. Customers can retrieve their money, including any accrued interest, by following the prescribed procedures.
The CBN’s directive is a positive step towards improving financial management practices and maximizing the value of unclaimed funds. It provides a clear framework for handling dormant accounts, benefiting both financial institutions and account holders.
