Central Bank of Nigeria Urged to Stop Social Media Details as Requirement for Bank Customers

The House of Representatives has asked the Central Bank of Nigeria to stop the implementation of its directive that banks should add customers’ social media handles as means of identification. <br />The CBN had released its Customer Due Diligence Regulations 2023, noting that the inclusion of social media handles on “Know Your Customer” would galvanize compliance with anti-money laundering and counter-terrorism financing provisions. <br />The House however worries that if the directive takes effect, Nigerians, who are not on social media with large turnovers from their businesses and trades, would be systematically excluded from formal banking systems. <br />The House says it would investigate the issue of excess charges and illegal deductions by commercial banks in the country.<br /><br />This show is part of the Spreaker Prime Network, if you are interested in advertising on this podcast, contact us at <a href="https://www.spreaker.com/show/4166630/advertisement">https://www.spreaker.com/show/4166630/advertisement</a>