Olayemi Cardoso, the governor of Central Bank of Nigeria (CBN), says dormant accounts are more susceptible to fraud.
Speaking at the end of the monetary policy committee’s
(MPC’s) 296th meeting in Abuja on Tuesday, Cardoso said financial institutions
have continually faced issues regarding these accounts.
On July 19, the CBN directed banks and other financial
institutions to deposit unclaimed balances and funds in dormant accounts to the
apex bank account.
Cardoso said the policy aims to ensure such funds are kept
safe.
“Over the years, in
my experience, what I found personally is that if you leave accounts dormant in
banks, sometimes, more than when you do not leave them dormant in banks, they
are more susceptible to fraudsters,” he said.
“Copying your identity and trying to gain the system to grab
hold of your money. That is a problem that most money banks face and I am sure
if you have been on the receiving end, then you will know that anything that
can protect you in the process from these kinds of predators would be welcome.
“The policy and the directive is meant to ensure that all
those monies come to the Central Bank of Nigeria (CBN) for safekeeping.”
Cardoso said owners of such accounts would not lose their
monies and it is at “zero cost to the beneficiaries”.
“All that will happen
is that the central bank will manage the monies within our position and when
the rightful owner surfaces, the money is returned plus whatever income is
accrued to you,” he said.
The CBN governor said the policy should be a good
development, “even to naysayers,” as the apex bank believes everyone should be
able to accrue and keep every penny that is rightfully theirs.
Cardoso added that losing money to fraud will also create
liquidity.
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