Next of kin doesn’t automatically inherit funds – Bank of Ghana clarifies

December 14, 2023
Bank of Ghana clarifies misconception next of kin doesn't automatically inherit funds: Ghana News
Mr. Augustine Donkor, Head of the Conduct Supervision Unit at the Bank of Ghana

Mr. Augustine Donkor, Head of the Conduct Supervision Unit at the (BoG), has clarified a common misconception regarding the inheritance of assets or money by the next of kin in the event of the account holder's demise.

Speaking at a workshop in to review the National Financial Education Campaign's implementation, Mr. Donkor emphasized that the next of kin does not automatically gain legal rights to the deceased account holder's funds.

Contrary to popular belief, Mr. Donkor explained that the role of the next of kin in the banking sector is primarily to assist institutions in reaching the account holder, especially in cases of dormant accounts or necessary updates.

Legal processes, including wills or letters of administration, may determine access to the funds, even if a next of kin is nominated.

Financial institutions are required by law to follow specific procedures when an account becomes dormant. In such cases, attempts are made to contact the account holder, and if unsuccessful, the institution may approach the next of kin to facilitate communication.

However, access to funds is subject to legal scrutiny to ensure adherence to the account holder's wishes.

The workshop, organized by the and attended by stakeholders from the banking and finance sectors, aims to bolster the financial capability of Ghanaians and promote financial inclusion.

Mr. Donkor highlighted the importance of financial literacy and consumer protection, emphasizing that consumer education is integral to empowering individuals to make informed decisions.

In addressing misconceptions about financial matters, Mr. Donkor underscored the role of the Central Bank in providing accurate information and fostering a well-informed and confident populace in financial matters.

Madam Patience Arko-Boham, Head of the Pensions and Insurance Unit at the Ministry of Finance, reiterated the campaign's objective to equip consumers with the knowledge needed for their socioeconomic conditions.

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