The Central Bank of Nigeria (CBN) has announced the creation of an “Unclaimed Balances Trust Fund (UBTF) Pool Account” to manage unclaimed balances in commercial banks. The move aims to address the long-standing issue of dormant accounts and ensure that rightful owners can access their funds.
According to the CBN, the UBTF Pool Account will be responsible for managing unclaimed balances, which include funds that have been inactive for an extended period. The account will be overseen by a committee established by the CBN, comprising representatives from the banking industry, regulatory bodies, and other stakeholders.
The committee will be tasked with identifying and verifying the owners of unclaimed balances, as well as developing strategies to return the funds to their rightful owners. The CBN has urged banks to cooperate with the committee and provide necessary information to facilitate the process.
Industry experts have welcomed the move, citing the need for a centralized system to manage unclaimed balances. “This initiative will help to reduce the number of dormant accounts and ensure that rightful owners can access their funds,” said a banking analyst. “It’s a step in the right direction towards enhancing financial inclusion and promoting confidence in the banking system.”
The CBN has assured that the UBTF Pool Account will operate transparently, with regular audits and reporting to ensure accountability. The move is seen as a significant step towards addressing the issue of unclaimed balances, which has been a concern for many Nigerians.
With the establishment of the UBTF Pool Account, the CBN aims to address the issue of unclaimed balances, which has been estimated to be in the billions of naira. The move is expected to bring relief to individuals and businesses who have been unable to access their funds due to dormant accounts.
The CBN has also announced plans to launch a public awareness campaign to inform Nigerians about the UBTF Pool Account and the process of claiming unclaimed balances. The campaign will be launched in the coming weeks and will include print, electronic, and social media platforms.
