The Bank of Ghana (BoG) has introduced a new directive that will among other things to protect dormant funds of customers in regulated financial institutions.
This comes after the central bank issued a directive for unclaimed and dormant accounts of banks and special deposit-taking institutions.
The objectives include among other things “To ensure that funds of customers of regulated financial institutions that become dormant are adequately protected.”
The directive is to ensure all balances of inactive accounts are moved into one single account – the dormant account register.
The BoG explained in a statement that the directive is pursuant to Section 92 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
“The directive shall however not be applied to accounts that are subjects of litigation, fraud, investigations by a regulatory authority or law enforcement agencies, and others,” the statement said.
By Laud Nartey|3news.com|Ghana