In the wake of the Central Bank of Nigeria's (CBN) recent guidelines on dormant accounts, many bank customers across the country have rushed to reactivate their inactive accounts to avoid losing their funds to the apex bank.
Several customers who spoke to our reporters in Abuja on Tuesday described their experiences visiting banks to reactive dormant accounts.
One businesswoman, Mrs. Ugonne Akputa said she deposited money into her Access Bank account that had been inactive for six years in order to reactivate it, as she still needs the account for occasional savings withdrawals.
Another customer, Mr. Cyprian Yusuf, went to First Bank to inquire about his late brother's account that had been inactive for three years.
"When I heard about this dormant account thing, I decided to quickly come to my late brother's bank to ask how I could retrieve the money," he said. "I want to see what I can do so that his wife and children can use the money at least to feed."
Bank officials confirmed the influx of customers reactivating accounts.
One anonymous source at a first-generation bank said many customers and families had submitted requests to reactivate inactive accounts, with some even coming on behalf of deceased relatives.
Under the new guidelines, eligible dormant accounts are those with balances that have remained with financial institutions for 10 years or more.
The CBN aims to identify these dormant accounts and unclaimed balances in order to reunite the funds with their rightful owners.
The apex bank will open a dedicated "Unclaimed Balances Trust Fund Pool Account" to warehouse the eligible funds.
The guidelines also establish a standard procedure for account owners, next-of-kin, or legal representatives to reclaim dormant account balances by submitting applications to the respective financial institutions.
