Business

CBN Urges Banks to Obtain Customers’ Social Media Handles For easy Identification

Published

3 years ago

June 24, 2023

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All Financial institutions across the country have been mandated by the Central Bank of Nigeria (CBN) to obtain the social media handles of customers for the purpose of identification.

It also asked financial institutions to obtain e-mail addresses, telephone numbers, and residential addresses, among other things, from customers.

This is contained in the new CBN customer due diligence regulations aimed at further strengthening the identification process in the banking system.

These regulations shall apply to all financial institutions under the purview of the CBN, as noted in the document.

The apex bank published the ‘Central Bank of Nigeria (Customer Due Diligence) Regulations, 2023’ document on its website on Friday.

According to the CBN, the new regulation was designed to provide additional customer due diligence measures for financial institutions under its regulatory purview.

The objective of the regulations the apex bank noted includes, “To provide additional customer due diligence measures for financial institutions under the regulatory purview of the Central Bank of Nigeria to further their compliance with relevant provisions of the Money Laundering (Prevention and Prohibition) Act (MLPPA), 2022, Terrorism (Prevention and Prohibition) Act (TPPA), 2022, Central Bank of Nigeria (Anti-Money Laundering, Combating the Financing of Terrorism and Countering Proliferation Financing of Weapons of Mass Destruction in Financial Institutions) Regulations, 2022 (CBN AML, CFT and CPF Regulations) and international best practices.

“And enable the CBN to enforce compliance with customer due diligence measures in line with the CBN AML, CFT and CPF Regulations.”

The apex bank, under its customer identification column, said financial institutions must identify their customers (whether permanent or occasional, and whether natural or legal persons or legal arrangements) and obtain the following information:

“For Individuals — legal name and any other names used (such as maiden name), permanent address (full physical address), residential address (where the customer can be located), telephone number, e-mail address, and social media handle; date and place of birth, Bank Verification number; Tax Identification number; nationality; occupation; public position held; and name of employer.”

It also noted that an individual must have “an official personal identification number or other unique identifier contained in an unexpired document issued by a government agency that bears the name, photograph, and signature of the customer, such as a passport, national identification card, residence permit, social security records, or drivers’ license.”

Part of the requirement includes “Type of account and nature of the banking relationship, and signature, and politically exposed person status.

The regulator also maintained that financial institutions shall not establish or keep anonymous accounts, numbered accounts, or accounts in fictitious names.

Related Topics:CBN Customers Featured Social Media Handles

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Nigeria, UAE scrap tariffs on over 13,000 goods

Dr Oduwole said that the tariffs removal was part of a new trade pact aimed at expanding market access for Nigerian goods, businesses, and professionals, under the Nigeria–UAE Comprehensive Economic Partnership Agreement signed in January 2026.

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•Dr Jumoke Oduwole

Nigeria and the United Arab Emirates have signed an agreement to eliminate tariffs on 13,000 manufactured products.

Dr Jumoke Oduwole, Nigeria’s Minister of Industry, Trade, and Investment disclosed this, saying that while the Federal Government has eliminated tariffs on 6,243 products imported from the UAE , they have removed tariffs on 7,315 products imported from Nigeria.

Under the agreement, Nigeria will immediately remove tariffs on 3,949 products, representing 63.3 per cent of the total, while phasing out tariffs on 2,294 products over five years. Nigeria excluded 123 products from tariff liberalisation.

On its part, the UAE will immediately eliminate tariffs on 2,805 products, representing 38.3 per cent of the total, remove tariffs on 1,468 products within three years, and on 3,042 products within five years.

The UAE excluded or prohibited 593 products.

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CBN: 60 newly recruits staff laments three years of waiting without engagement

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A group of newly recruited staff of the Central Bank of Nigeria (CBN) have cried out over delayed posting and onboarding into various positions since August 28, 2023.

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“We all tendered resignation letters to our former employers at that time to enable us to proceed with the CBN process,” one of the affected employees, Emmanuel Linus Dabo, who spoke on behalf of others,, told newsmen on Monday.

According to him, the application process started in April 2023, where their resumé were submitted to the Headquarters of CBN, and after some time, they received emails from the Human Resources Department for interview and aptitude tests.

“We did a medical examination at the bank’s medical clinic, where a code was given to individual applicants before we could access the hospital.

After the interview and medical and aptitude tests, the successful applicants were contacted by the HR manager to come to CBN Headquarters in Abuja to pick up their offer letter. We filled the acceptance letter without delay,” he said.

He further stated that there was a series of e-mails from the Human Resources office requesting that they forward their credentials for the online documentation, including their acknowledged resignation letters from their previous employers…

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KPMG, NRS settle rifts over new tax laws

In its newsletter on January 9, KPMG said there are “errors, inconsistencies, gaps, omissions, and lacunae” in the new tax laws that require urgent reconsideration to ensure the achievement of their stated objectives.

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KPMG executives and Zaach Adedeji, chairman of the Nigeria Revenue Service (NRS), held a meeting on Monday following the disagreement over the new tax laws.

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The committee said a significant proportion of the issues described as “errors,” “gaps,” or “omissions” by KPMG are either the firm’s own errors and invalid conclusions, or matters not properly understood by the firm.

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” During the visit, the KPMG team clarified that their earlier opinion on the new tax laws “had been misconstrued and expressed regret over the misunderstanding.

“They sought further clarity on the provisions of the laws and highlighted areas where recommendations could be made.”

The source said that the meeting ended with the delegation commended the NRS chairman for efficiently and promptly implementing the reforms.