next of kin

Did you know that if you are made the next of kin of a bank account by a friend or relative, you do not have automatic access to funds in the account should the account holder die? Well, according to the Bank of Ghana (BoG), the next of kin is only a nominee of the account holder who serves as a primary contact in the event where the bank is unable to reach the account holder. What this means is that the next-of-kin concept in banking operations is for the purpose of tracing the whereabouts of an account holder and…