THE CABLE
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.
