The Central Bank of Nigeria (CBN) says it will mop up all dormant account balances and unclaimed balances in banks into a Trust Fund account which will ultimately be invested in Treasury Bills.
It's 2011. You're 16. You play "Party Rock Anthem" on repeat on your iPod Touch. Life is good. You get your first job and open your first bank account with the help of your parents. Time passes. You move. You age and become jaded. Jobs come and go, and you forget about that once glorious $986.59 you saved that one summer in high school. Now, it might be sitting in the vaults of the Bank of Canada, waiting for you to reclaim it.
Dr. Ernest Addison, Governor, Bank of Ghana
The Bank of Ghana has issued Unclaimed Balances & Dormant Accounts directive for banks and specialized deposit-taking institutions that will ensure all balances of inactive accounts are moved into one single account – the dormant account register.
The directive is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
The objectives of this directive, according to the Bank of Ghana are to establish processes and procedures for reclaim of funds by dormant account holders or their legal representatives, amongst others.
The directive shall however not be applicable to accounts that are subjects of litigation, fraud, investigations by a regulatory authority or law enforcement agencies, and others.