Dormant accounts are more susceptible to fraud, CBN wants to safekeep the funds – Cardoso

The Governor of the Central Bank of Nigeria (CBN), Mr. Yemi Cardoso has stated that dormant accounts in Nigeria are more susceptible to fraudsters in Nigeria and the reason for the Central Bank of Nigeria (CBN) latest policy is for safe keeping of the funds in dormant accounts..

Mr. Yemi Cardoso stated this during the 296th meeting of the apex bank’s Monetary Policy Committee (MPC) where benchmark interest rate was raised by 50 basis points to 26.75%.

According to the CBN Governor, the apex bank will keep the funds and would give it back to owners whenever they come for it and the profits that accrue from it also.

He stated, “With respect to dormant account, what I found personally if you leave account dormant in banks, sometimes more than when you don’t leave them dormant in banks. In fact, most times, they are more susceptible to fraudsters copying your identity and trying to gain hold of the system to grab your money. So, that is a problem I think most money banks face”

“The policy and the directive is meant to ensure that all those monies come to the Central Bank for safe keeping and it is at zero cost to the beneficiaries. All that will happen is that the central bank will manage the money within our possession and when the rightful owner surfaces, the money is returned plus whatever income is accrued to you.”

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