Source: newsthemegh.com
The misunderstanding that a deceased person’s next of kin automatically gets assets or money in their bank account has been cleared up by Augustine Donkor, Head of the Conduct Supervision Unit of the Bank of Ghana (BoG).
Contrary to popular assumption, being a next of kin does not automatically provide legal rights to the cash of the deceased account holder, Mr. Donkor said at a workshop to examine the implementation of the National Financial Education Campaign in Accra.
The objective of the workshop, which attracted participants from the banking and finance industries, was to enhance Ghanaians’ financial competence and advance financial inclusivity.
Mr. Donkor emphasized that the next-of-kin’s function in the banking industry is to help institutions get in touch with the account holder, particularly when the account is dormant or updates are needed.
Although Mr. Donkor acknowledged that a next of kin might be designated, he clarified that legal procedures, such as wills or letters of administration, are essential in deciding who can access the funds.
Legal requirements require financial institutions to perform certain steps when an account goes dormant, including contacting the account holder.
If that doesn’t work, the organization can try contacting the next of kin to help with communication; but, getting access to the money could get complicated legally.
Mr. Donkor emphasized how crucial it is to have precise knowledge on kin in order to support strong financial ecosystems.
He promised the BoG’s dedication to making sure the public is knowledgeable and self-assured in financial concerns.
The National Financial Education campaign’s goal was restated by Ms. Patience Arko-Boham, the head of the Ministry of Finance’s Pensions and Insurance Unit.
The campaign emphasizes the value of accurate information and dispels myths in order to better prepare financial services users for their particular socioeconomic and environmental circumstances.