UPDATE For Nigerians! ! Bank Issues New DIRECTIVES, Names Customers That Will Be Affected- SEE Details Below
The United Bank for Africa (UBA) has introduced updated guidelines for the management of savings accounts in compliance with a new directive from the Central Bank of Nigeria (CBN). These changes aim to protect account holders and reduce the risks associated with inactive accounts while ensuring proper oversight of dormant funds.
Under the new policy, UBA has announced that savings accounts without any transactions for six months will be categorized as inactive. If the inactivity extends for an additional six months, the accounts will be labeled as dormant. The bank advises customers to perform at least one transaction— whether through the UBA mobile app, internet banking, the *919# USSD code, or by visiting a branch— to avoid these classifications. These measures aim to enhance the security of accounts and reduce their vulnerability to fraudulent activities.
The CBN governor, Olayemi Cardoso, explained that inactive accounts are often targeted by fraudsters for identity theft and unauthorized withdrawals. Cardoso emphasized that leaving accounts idle for extended periods creates opportunities for malicious actors to exploit the system. To mitigate these risks, the CBN has implemented a policy requiring banks to transfer dormant account funds to the central bank for safekeeping.
This safeguard ensures that the funds remain protected and accessible to the rightful owners. Cardoso reassured customers that their money would be returned, along with any accrued interest, once they reactivate their accounts. This policy, he noted, is designed to balance consumer protection with operational transparency.
In addition to managing dormant accounts, UBA and the CBN have advised customers to be proactive about monitoring their financial activities. Bank users are encouraged to review their account statements frequently and report any unauthorized or questionable charges. The CBN’ s Consumer Protection Department has provided resources to help account holders understand official bank fee guidelines and take appropriate action if discrepancies are identified.
These changes highlight the importance of active account management for both security and financial stability. By staying engaged and conducting regular transactions, customers can avoid potential issues with dormant accounts and ensure uninterrupted access to their funds. UBA’ s efforts to implement the CBN’ s directives underscore a broader commitment to fostering a secure and trustworthy banking environment in Nigeria.
