Head of the Conduct Supervision Unit at the Bank of Ghana (BoG), Augustine Donkor, has clarified that being the next of kin to a deceased individual doesn't automatically grant legal rights to inherit assets or money from their bank account.

During a workshop in Accra aimed at reviewing the National Financial Education Campaign's implementation, Mr. Donkor explained that the role of the next of kin in the banking sector primarily involves assisting institutions in reaching the account holder, especially in cases of dormant accounts or necessary updates.

Despite the common belief, Mr. Donkor stressed that legal processes such as wills or letters of administration play a crucial role in determining access to the funds left by the deceased.

Financial institutions, following specific legal procedures, attempt to contact the account holder when an account becomes dormant. If unsuccessful, the institution may involve the next of kin in facilitating communication, with access to funds subject to legal scrutiny.

Mr. Donkor highlighted the importance of accurate information about next of kin to contribute to a robust financial ecosystem. He affirmed the BoG's commitment to ensuring a well-informed and confident populace in financial matters.

Ms. Patience Arko-Boham, the Head of the Pensions and Insurance Unit at the Ministry of Finance, reiterated the objective of the National Financial Education Campaign, aiming to equip consumers of financial services for their unique socioeconomic and environmental conditions while emphasizing the importance of accurate information and dispelling misconceptions.