CBN has given next-of-kins the authority to access funds in dormant accounts of their loved ones

NIGERIA — The Central Bank of Nigeria (CBN) has given a next-of-kin the authority to access funds in dormant accounts of their loved ones, especially after death and incapacitation. In a report released over the weekend, the banking sector regulator in the country said legal representatives or beneficial owners could also claim the unclaimed balances in dormant accounts. It explained that such dormant accounts could be those that have remained idle for about 10 years... businesspost.ng