The Bank of Ghana (BoG) some months ago issued the Unclaimed Balances & Dormant Accounts directive for banks and specialized deposit-taking institutions in the country.
The new directive as explained by the BoG, is to ensure that all balances of inactive accounts are moved into a single account.
The directive pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), according to the BoG is to ensure that funds of customers of regulated financial institutions that become dormant are adequately protected.
Objectives of the directive are to establish processes and procedures for reclaim of funds by dormant account holders or their legal representatives, amongst others.
Below is a set of infographics by the Bank of Ghana educating the public on dormant accounts and the need for them to be reactivated by holders:
