"The Injustice of Nigerian Banks: Your Next-of-Kin Denied Access to Funds After Your Death!"

"Don't be caught off guard! Nigerian banks restrict access to funds for next-of-kin after the account holder's demise. Find out how to protect your loved ones from financial hardships."

In a worrying revelation on Instagram, it has come to light that the hard-earned money held in bank accounts across Nigeria could become inaccessible to their ‘‘next-of-kin’’ beneficiaries in the event of the account holder's death. Strange right? You would assume that the reason a next-of-kin information is requested is so that they know who to hand over the money in your account to, upon your demise. But no, if you die, Nigerian banks will put a ‘‘post no debit’’ on your account first, then follow a time-consuming and expensive process called "legal probate," which causes delays and financial uncertainty for grieving families.

So even if you have a kid that needs to eat after you’ve passed, that’s on you.

Driving this topic: An Instagram post made by a Nigerian man named Ustaz on Monday, the 24th of July 2023, stating ‘‘Nigerian banks are evil! Did you know that if you die today, your next of kin does not have access to your money?’’

The bible says ‘‘my people perish for lack of knowledge.’’ And this is why I feel the need to share. Millions of families in Nigeria face and will continue to face distressing situations with their hard-earned money due to a lack of sensitization on this subject.

Nigerian banks often require the deceased's family members to undergo lengthy proceedings involving validating the will, resolving disputes, and obtaining court approval for asset distribution. This process can take from several months to years to complete and involves substantial expenses, including court fees and legal representation costs. Families already grappling with emotional trauma find themselves trapped in a financial quagmire, unable to access the funds they need for essential expenses. To safeguard the future of your family, it is essential to take immediate action.

The solution lies in requesting a "payable on death" (POD) form from the banks, which is a simple yet highly effective measure to ensure a smooth transfer of assets to the designated beneficiaries.

By designating one or more beneficiaries in the POD form, account holders can ensure that the funds in their accounts automatically go to the intended recipients upon their passing. This efficient mechanism bypasses the need for legal probate, guaranteeing a swift and hassle-free transfer of assets.

Obtaining a POD form is a simple process that can be initiated by contacting the respective bank where your account is held. Account holders can obtain the form either in person at a local branch or through online banking services. Accurate and up-to-date beneficiary information must be provided when filling out the form, as this information is crucial for the successful execution of the transfer. Financial advisors and legal experts recommend regularly reviewing and updating the POD form to reflect any changes in beneficiary designation.

Financial experts unanimously agree that securing the financial future of one's family should be a top priority. Failing to take the necessary precautions could result in unintended financial hardships for loved ones. Mr. Johnson Adekunle, a prominent financial advisor, emphasizes the importance of requesting a payable on death form, stating that it is a small step that can save families from enduring a time-consuming and costly legal battle.

And in response to this pressing issue, representatives from several major Nigerian banks on that social media thread, urged customers to be proactive in securing the future of their families by equipping themselves with the right knowledge of banking services. They also assured their commitment to assisting customers in obtaining the necessary POD forms and providing guidance throughout the process.

What do you think? Are you on your way to secure a POD form today?