CBN Policy: Nigeria Banks Set To Begin Closure Of Accounts Of Unregistered Associations And Societies

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 pursuant to a directive of the Central Bank of Nigeria to that effect. 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…

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