CBN Mandate Banks to Use Social Media Handle for Customer's KYC

[MOProgress]

My Naija pipo, make una see tori for ground!


The Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023 or financial institutions under its regulatory purview as it takes a decisive stance against financial crimes.

The CBN’s latest move aims to bolster compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) provisions while aligning with international best practices.

In an effort to enhance the accuracy and depth of customer identification, the CBN has made it mandatory for financial institutions to collect and verify customers’ social media handles as part of their Know Your Customer (KYC) requirements. FULL DETAILS HERE

Now, Wetin Una think? Abeg say your mind.

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[cytpoway121]

My Naija pipo, make una see tori for ground!


The Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023 or financial institutions under its regulatory purview as it takes a decisive stance against financial crimes.

The CBN’s latest move aims to bolster compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) provisions while aligning with international best practices.

In an effort to enhance the accuracy and depth of customer identification, the CBN has made it mandatory for financial institutions to collect and verify customers’ social media handles as part of their Know Your Customer (KYC) requirements. FULL DETAILS HERE

Now, Wetin Una think? Abeg say your mind.

This issue contradicts the data protection bill signed earlier this month, for some reasons. the Nigeria government cannot work in synergy and they keep and continue to move in stupid directions. I can easily submit a new social media account for kyc, pass verification and delete the account. What then is the fuss for this needless cycle.

This country continues to amaze me

[Frankolala]

All these KYC things wey we dey do for bank never reach government. Na social media handle na e them want again. This leaders no get sense. Them just dey serious for nonsense things wey no follow on how to uplift poverty from the poor.

Wetin concern social media handle with how to make the country better so that poverty go reduce. The government should go and take statistics of the poor and provide a scheme that will make them benefit from the government. The truth of the whole matter be say them politicians this nonsense KYC social media handle no go affect them because na bank manage dey always go house go carry their money and open account for them.

[Coyster]

Wetin i don conclude be say this new administration just dey do initial gra gra make e be like say dem dey work, after the first week i bin think say dem dey work, make i no lie they almost deceive me, but reality now be say dem just dey try do things (most of which no really make sense) to convince Nigerians say dem dey work and because of the case of our mandate wey dem steal, the matter still dey for court.

I no see how social media handles go help them for their customer verification, or to know who dey into money landering. If we dey find people wey dey move our money, we no gats look too far na, na our politicians. Having said that, social media handles can easily be faked and cannot even be used to accurately detect the character of a customer.

[Zaguru12]

I no see how social media handles go help them for their customer verification, or to know who dey into money landering. If we dey find people wey dey move our money, we no gats look too far na, na our politicians. Having said that, social media handles can easily be faked and cannot even be used to accurately detect the character of a customer.

i might be wrong but the government is looking for a way to actually regulate social media here. if we look closely once your social media is linked with your bank then when the government needs to find your identity after maybe you have gone against there laws on social media like either promoting entities or other banned activities they can easily get your full details from the social media used for KYC which would so be linked to once identification number, which makes it easier to track the offend-ant down. But just like what cytpoway121 said it will be easier to just submit a social media handle that is not used or has fake BIOs registered with it.

[omgitsmehehe]

Now, Wetin Una think? Abeg say your mind.

With this kind news the poor no go still breath, e no suppose be necessary if you dey fill up bank form, such space should be marked as "Not necessary" cos almost 80% of Nigerian are not using mobile phone, those wey get phone sef no even get social media handle, only WhatsApp and Facebook. To me this is waste of time and inappropriate to use know your customers, a simple NIN code is enough because that suppose contain all information the bank need, that's all.

[Asiska02]

In an effort to enhance the accuracy and depth of customer identification, the CBN has made it mandatory for financial institutions to collect and verify customers’ social media handles as part of their Know Your Customer (KYC) requirements. FULL DETAILS HERE

Now, Wetin Una think? Abeg say your mind.

I don’t know what this government is getting at with this new rule of linking social media account to bank accounts. There is National Identification Number (NIN), Bank Verification Number (BVN) all linked to the bank already, are they not enough for KYC? Could it be a way to clamp citizens who make corrections or voice out their angers on them on social media a way to clamp on them and arrest them for speaking their minds?

This regulation might take effect but they can’t get it 100%, not all customers that own a bank account are into social media, unless there’s an exception to those customers on this new rule. Whatever they are getting at, May it favour the citizen but not cripple them or violate their rights as citizens.

[Hyphen(-)]

I don’t know what this government is getting at with this new rule of linking social media account to bank accounts. There is National Identification Number (NIN), Bank Verification Number (BVN) all linked to the bank already, are they not enough for KYC? Could it be a way to clamp citizens who make corrections or voice out their angers on them on social media a way to clamp on them and arrest them for speaking their minds?

I no even know how i go take classify dis matter like dis, e come be like say government wan take control of social medias wey suppose they anonymous, because this rule wey dem wan put go actually led to some kind issues because some people no de see something to keep quite and government go use this medium get them.

This regulation might take effect but they can’t get it 100%, not all customers that own a bank account are into social media, unless there’s an exception to those customers on this new rule. Whatever they are getting at, May it favour the citizen but not cripple them or violate their rights as citizens.

Even people with the social media handles, not everyone will follow this new rule.

Besides, there are people in remote areas that have no access to smartphone talk less of using social media platforms, or some that are illiterate that cannot even operate his phone how can they use social media?

[Gozie51]

The Central Bank of Nigeria (CBN) has released its Customer Due Diligence Regulations 2023 or financial institutions under its regulatory purview as it takes a decisive stance against financial crimes.

This decisive step na on masses while dem dey pack the money go abroad. All these people just dey scam the people with impunity. Abi you never hear the scam involving CBN wey dem carry Emefiele? Little did you know about all these online transfer charges, stamp duties, you no hear say na private pocket dem dey enter? CBN go carry government money still borrow government. My brother forget oo, them just dey use people catch cruise and I know go surprise if dem still leave Emefiele because if dem keep holding him then heads go roll.

[Asiska02]

Even people with the social media handles, not everyone will follow this new rule.

Besides, there are people in remote areas that have no access to smartphone talk less of using social media platforms, or some that are illiterate that cannot even operate his phone how can they use social media?

That’s why I said there’ll be exception to some set of people and they can’t get it right 100%. I’m just waiting to see how this will be implemented because I’m sure not everybody will comply to the rule even those that own and operate a social media account. The government will want to take strict measures if they really want to make this happen and it’ll affect the overall well-being of many people. Just like they did to make BVN mandatory and also to use the new naira note that happened this year. It’ll be difficult for the people to take effect of this new regulations if it is going to be implemented as said.

[Odohu]

I think this is censorship in disguise! What we will see from this is that people will get punished for the opinion they hold in public discussion on social media. Considering the country we are, they will use this to gag people from expressing their opinion.

I am not surprised because social media have grown so big that it now posses a serious threat to the conventional media and the powers that be. Take for instance,  they have silenced the mainstream media as regards reporting the activities of terrorists and the only way we hear about killings and ethnic cleansing happening in some quatters is through social. media.

Furthermore, think about how social media was deployed for major events that impacted so much on our polity and governance such as the Endsars, 2015 and 2023 general elections and others.  Indeed, if not because of fear of insurrection,  this idea wouldn't have been conceived.

My humble opinion is for all Nigerian youths to lend their voices in rejecting this move as it has no link with tracking money laundering and whatever name they might give it.

[Majestic-milf]

 Dis govt no go cease to amaze me wit dia funny schemes. First, them start with email creation,  then during the endsars wahala, dem rush tok say nah NIN now nah social media handle be their problem? Biko nah that one go stop the naira from being devalued?
 This further proves the desperation of banks to regulate and monitor the activities of their users and masquerade it as conducting proper identification process. At this point, I see why they are adamant over giving a go ahead to the use of Bitcoin because they will totally lose control.

[sokani]

This issue contradicts the data protection bill signed earlier this month, for some reasons. the Nigeria government cannot work in synergy and they keep and continue to move in stupid directions. I can easily submit a new social media account for kyc, pass verification and delete the account. What then is the fuss for this needless cycle.

This country continues to amaze me

Lol... No mind those people dem think say dem get sense. Na very nice idea you come up with but before you delete the social media account wait make dem don verify your account information first. All the information wey dem get for their database about their customers like address, phone number, NIN and and IDs never do them, dem dey find another one make dem come collect am. What about de old mama and papa wey dey for village? Wetin concern this people with social media? Me dey see am as a way to easily track people on social media wey commit one offense or de other. For instance we dey easily talk to our political office holders any how on such platforms, so if this stupid KYC dey successful dem go easily clamp down on offenders.

[Cryptomultiplier]

The person wey come talk say em no get social handle, watin bank go do am?
What has bank got to do with social media handles and KYC?
We should as well declare our assets and drop all our deep dark secrets along with our nudes, all as part of building a great economy, if I may.
Many of these policies is biting hard on the masses who could barely survive already, and is creating better tactics by these government officials to loot funds without trace.

[Davidvictorson]

Since their privacy invasion embedded in the eNaira project flopped abysmally, they now have to devise another antics to do it. Now they are even doing it boldly or openly. What was is BVN, NIN for them? Maybe very soon they. will install cctv cameras in our home just to watch us. So wetin go happen to our mamas and papas wey dey villa wey no bloody care about Social media, shey dem nor go discriminate against them sha. This is one of the reasons why fin techs like OPAY, KUDA and the rest of them may add more customers base as long as they do not comply to the nonsense by CBN.

[Mate2237]

I saw di news for social media today sef and says di CBN e don tell di banks sae let dem add all their customer social media handles to their bank accounts because of money laundering by some top politicians and any bank wey fall to do so will be fined to pay the sum of 10 millions naira. Then I ask what of those people wey no got any social media accounts, how Dem go so? Me I no support dis idea of di president. If im want to stop money laundering no be to reveal all the citizens details in the world to their Bank details. Personal privacy must be respected.

[CryptopreneurBrainboss]

In an effort to enhance the accuracy and depth of customer identification, the CBN has made it mandatory for financial institutions to collect and verify customers’ social media handles as part of their Know Your Customer (KYC) requirements.

As me self here dis news I just laff, we no really serious for this country. So how dem go take verify say I dey give them my correct social media handle like dis. We no dey coordinate for this country instead of us to hide our head na so we go just dey show our yansh to the world. Shey dem no see all the other verification information wey we dun no get any benefits self now dem why do social media. Anybody wey bring about this suggestions get alternative motive because I remember when End Sars been dey hot, the government to kill people moral begin target big influencers wey dey support the protest and ban their accounts to avoid mobilizing protesters before them shift to running everything with Bitcoin and na where Nigeria government problem with the industry begin dey heat up.

I think say Tinubu just sign data protection bills abi dat one no dey work yet. We supposed get right not to give our this datas dem. E no even dey any necessary and even though dem make am compulsory say we must do am, e no go get any head. Make the banks manage the KYC wey dem already get wth all our vital informations like address, nin, bvn sim registration and so on. Make dem manage dat one because as I talk, na our fundamental human rights dem wan mess with like dis, so dem dey find wey to silent everybody make nobody talk bad about the government because when you do dem fit track you to ur account go mess with your funds and you go come close mouth.

[Gozie51]

The CBN’s latest move aims to bolster compliance with anti-money laundering (AML) and counter-terrorism financing (CFT) provisions while aligning with international best practices.

Na them them . The people wey dey launder money na which people my brother? Abi no be them ? Na them them. If them catch them now, wetin dem go do? Nothing. Highest dem go do plea bargain and collect their own from the money. Leave Nigerian government.

In an effort to enhance the accuracy and depth of customer identification, the CBN has made it mandatory for financial institutions to collect and verify customers’ social media handles as part of their Know Your Customer (KYC) requirements.
Now, Wetin Una think? Abeg say your mind.

Sometimes you go just see say Nigerian government dey far from the people. Dem forget say social media no be every person wey get bank account dey social media. Wetin happen to phone numbers? I think say na the same reason wey carry BVN and NIN come, dem don leave those ones come enter Facebook, WhatsApp, tweeter, Instagram, LinkedIn, Reddit etc

Them never tell us where dem dey pursue us go.

[Liliana1304]

Dis na outrageous demand and an outright violation of user privacy and freedom of expression. CBN supposed to know this their action no dey compatible with the rule of law.

I know say dis mata go shake table and now one join body organization wey dey in charge of socio economic rights wey their name be SERAP don sama warning give CBN to stop dis nonsense. The way I see dis mata, e just look like say we govt wan monitor every step wey the citizens dey take.