In order to comply with the directives of the Central Bank of Nigeria, most of Nigeria’s banking service providers have recently commenced the process of closing down the bank accounts of unregistered associations and societies domiciled in their respective banks.
The Central Bank of Nigeria (CBN) had recently directed that all community based association bank accounts opened without CAC certificate be closed on or before July 12, 2022.
It further directed any association, club, town union, age grade, foundation, or church account affected to register with Corporate Affairs Commissions and get a Corporate Affairs Commissions (CAC) Certificate which will enable them to run their bank account freely without hindrance.
In view of this directive, some banks proceeded to notify their customers of the development and urged them to take steps to regularise such affected accounts.
One of such banks, Access Bank PLC in an earlier notice to its customers, had informed that it shall begin the process of closing such accounts from the 12th of July, 2022.
The mail reads “Dear esteemed partner, following CBN’s directive on unregistered community savings accounts, please be advised that all associations or societies are expected to provide their registration documents on or before July 12th, 2022. All accounts regularized by this date will be closed accordingly.
“With respect to unregistered accounts such as migration of funds, retrieval of money etc., funds on closed accounts cannot be migrated or transferred.
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