Bank sources said a sizable percentage of the dormant bank accounts belong to individuals who died without leaving clear arrangements on how relatives and other beneficiaries could easily access the funds in their accounts.
While the CBN has attributed its move to a desire to ensure that such unclaimed monies in dormant accounts are put to good use and to also enhance the growth of the economy, the content of the guidelines has triggered anxiety in certain quarters.
Meanwhile, relationship officers in the banks who spoke with reporters last week claimed ignorance of such arrangements in their banks. One of them said: “We do not do POD sir, the closest is to have a simple Will that covers mutual funds, bank, and pension”.
When THISDAY contacted the CBN’s Director of Corporate Communication, Dr. Isa Abulmumin, he denied knowledge of such a provision, saying in a text message: “Findings indicate that there is no such provision for now”.
Further investigations suggest, however, that there are no laws restricting the banks from providing the service to a willing client but most banks are not just keen on the concept.
