Dr Richmond Frimpong, Financial Expert
Financial Expert and Executive Director at Financial Literacy Foundation in Africa Dr Richmond Frimpong has stated that the Bank of Ghana’s (BoG) directives concerning unclaimed Balances & Dormant Accounts is part of steps put in place to safeguard depositors’ funds.
Dr Frimpong explained that some people use their relatives as next of kin but do not tell them about it and this has resulted in accounts being dormant and unclaimed funds going up.
“For a depositor, you shouldn’t be worried at all this is good news for you. In Ghana, for example, people open accounts, current and savings and most of the time research has shown that people write people’s name as beneficiaries but never mention it to them. So in many instances when those people are no more, nobody can trace such account and that becomes an inactive account and its eventually dormant,” he said in an interview with Joy Business.
BoG s directive on unclaimed and dormant accounts is a step in the right direction – Financial expert – Ghana Visions ghanavisions.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ghanavisions.com Daily Mail and Mail on Sunday newspapers.