The Bank of Ghana has issued a public notice to address the common misconception surrounding the “Next of Kin” concept in bank account operations. The notice aims to promote financial inclusion and clarify the role of a Next of Kin in accessing a deceased person’s bank account.
According to the Bank of Ghana, the Next of Kin is not an automatic beneficiary of the account holder’s funds upon their passing. Instead, the Next of Kin is simply a contact person who can provide information about the account holder when needed.
To inherit or access the account, one must be named in the deceased person’s Will or be appointed as an administrator of their estate through a court of competent jurisdiction. The Bank of Ghana emphasizes the importance of choosing a capable Next of Kin who can provide relevant information when required.
This clarification seeks to prevent misunderstandings and ensure that account holders understand the true purpose of designating a Next of Kin.
Ruth Abla ADJORLOLO
