Social media account as KYC requirement? (2)

[Rruchi man]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?


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[Churchillvv]

I honestly don't understand where the regulations that are emerging now in Nigeria is coming from. How does one's social media handle serve as a standard know -your- costumer policy, when we know how the rate of scams and hacks happen on social media.

What if someone's SM account get hacked and used for inappropriate behaviour in the social media does that mean the bank will have to restrict ones business initiatives with the banks as the justice of the Lagos high court said that the could use the social media handles as a mirror to know if a customer is due good enough to do business with.

I don't think this people really know the power of social media to want to link ones social media handle to legal issues that relates to the banks because some people can be brought down in a matter of days throughout social media if planned, because celebrities and influencers has more power in the social media works than a regular popular person.

Anyways our government has failed the people hence everything is been taken into consideration with out passing through the signatures of the house of assembly which is supposed to pass laws and regulations into bills.

[Cryptomultiplier]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?


source

I guess we haven't seen it all, with the Nigerian government striving so hard to frustrate its citizens both with the economic policies and regulations that do nothing more than to help those at the top have more control over the poor masses.

Am not shocked with such news because I remember the former president upon banning Twitter operations in the country sometime back, brought up the idea to register and regulate social media activity in the country. Funny enough, it was after the Endsars protest and it was said that social media platforms helped paint the narrative and it was a medium used to perpetuate false propaganda.

If they insist on including social media handles for KYC verification, am sure there would be the case to add our BVN, NIMC, school certificates and qualifications, biometrics and much more just because we want to use social media platforms.
Well, I guess we would create new accounts with false information just to evade this policy and many users of cryptocurrencies would have to relocate or leave this country because it isn't cryptocurrency friendly and with the Naira having no value thus the hardship and failure of the government.

[electronicash]

it's insane why the Nigerian government will go to such lengths but i find it somehow okay if the data just belongs to their government. however, if they allow international exchanges who ask those KYC and social media accounts, then it's really going into something that they are not in control of their situation. 

today it's just Nigeria doing this. maybe there will be no resistance but by doing this in Europe or America, people will refuse to agree on this.

[Gozie51]

today it's just Nigeria doing this. maybe there will be no resistance but by doing this in Europe or America, people will refuse to agree on this.

Those are more democratic countries that will listen to their people because they actually understand that they are there to do the wish and mandate of the people but here in Nigeria that those in government were forced on the people, they only do the bid of their people. They don't follow the rule of law and the people's right to protest against bad policies, rather when you disagree and protest, you risk losing your life. This is how it is here and so people will only swallow different hard pills coming from government.

To my bafflement, I don't see how all these stiffness will take the Nigerian economy to because they have left substance to be chasing shadow. The Naira that they they are protecting and banning Naira dollar P2P keep falling everyday. Now the exchange is at 1540 per $, but they are still chasing KYC that doesn't add up to economic growth.

[Cossyblack]

 If na only diz one,it will not stand bcos Nigerians will fight it to the end. Diz Tinubu don dey gradually become tyrant/dictator. The people wey put am for dat seat na dey rule diz country. Instead of dem to fight diz inflation on goods &Services dem go just dey bring out bad policy wey go make our naija people suffer the more. Wetin concern Banks with customer Social media handle.Tinubu is too old to rule dizzy country dat is why dem dey easily brainwashed am to dey implement bad policy BCos dem no too well say tinubu too old to think before signing any documents.

[teamsherry]

Well you would never know the scheme or heir reason behind this and why I see this as invalid is cause anyone can create a fake account with some else image online and if their purpose was to kind of get to see if the person is real maybe by having access to their photos and all that then it's just another waste of time, or it old be that they want to have access to people's social media data, but my question hee is what for, how does having my social media handle changes anything and moreover social media can easily be hacked and what if I'm linked to an account that has been hacked and then used for fraud would that in turn affect my bank.

I think there is something deeper than what we know, I really don't like this news, I'll look into it and see if any exact reason was included for this change of kyc requirements.

[Jon pyagbara]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?


source

It's disheartening but I really know the angle they are targeting, we all know that out of our population of over 200million people, 103 million uses the internet and from that about 36.75 million are on social media that is about 16.2 percentage of the total population, so them requesting for a social media handle for KYC is actually a good move from my own point of view, as most persons have different identity online entirely different from the identity they have offline, so requesting for their social media handle for KYC is actually about knowing your customers both offline and online, 
And trust me this move will reduce the scam rate we see online especially in our country.

[EluguHcman]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

I may have got some positive thoughts towards this development but I bet if the government would stick by it and remains genuine to the society.
Allegedly I don't think if this was a specific for KYC sake to pressure threats of not leaving the Cyber thefts with any loopholes of making away succeedingly after executing their criminal activities.
So what happens to the NIN and the rest government issued  I.Ds being used to verify our accounts as also part of KYCs? Are those system outdated just so sudden after put to mandatory as part of the banking exercises?

And what interest would they (government) perform to enhance cyber security networks so that our social media handles can always remain an uncompromiseable privacy away from cyber criminals?
What a nonsense. I have lost several of my social media  handles in different networks due to the fragility of how our local security internet protocols are being too weak to be impenetrable to hackers.
So what happens when I loses by social handle like after linking it to my banks details?
I hope that seems to have us more exposed not just as easy to lost our social media Privacies but also as a medium to have our bank accounts at risk from the so Cyber criminals.

On the other way round, I believe such development is basically implemented for the government to have us all on track, pin us at a point of internet imprisonments where we would not have the privilege of freedom of speech anymore.

They have long way understood how the masses has been using the internets such as social handles in different networks to have them (government) being exposed with their disapproving and unpleasant governing conducts.
So they just want to have us in a chain and take total control of us that not even in the internet world can be live a non custodial privilege.
If that eventually takes effectiveness, then we are totally prisoners to the governments.
I think such related bill was was proposed by Sen. Bala N'Allah since 2015 about the conducts of moderating Cyber expression and how victims violating the law should be imprisoned to 2 years or pay a fin for about $10,000 if I don't get it wrong.
So basically I don't see this development to offer advance well-being to the society but of the governments self-interests.

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?

What matters is to keep reputations and respects dealers self custodial rights also to maintain reliable source so, if the crypto today come to an end in request of investors and traders social media for KYC, no problem about that, if we haven't been indicted with the current KYCs by the Crypto networks and they could also maintain such reputation, so be it but all is needed by Crypto enthusiasts is Privacies to our crypto assets and also for the non-custodial network of the Crypto currencies not to be compromised where the government would then take charge of the decentralized blockchains.

[Lida93]

I honestly don't understand where the regulations that are emerging now in Nigeria is coming from. How does one's social media handle serve as a standard know -your- costumer policy, when we know how the rate of scams and hacks happen on social media.

Took a deep thought after reading about the whole article and it all made nonsense to me other than that this is just one of many other mechanisms in place by this serving (more of a ruling) administration to sensor and gag Nigerians from boldly criticizing the scattered limitations and deficiencies of their administrative policy through the use of the social media which has been the main channel through which we expose them to outsiders who the government media is deceiving by feeding wrong information about the country.

Since a lot of Nigerians don't use their real names in opening social media accounts it makes it difficult for the government to decode who is really behind a certain social media accounts that is constantly criticizing their unproductive policies and programs, so by connecting people's social media account to their bank account through KYC requirement it makes it easier to decipher through the bank accounts who's really behind a particular social media account.

Another means to enroll fear of attack into the citizens, but am sure this move won't work because, it goes against individual right to privacy and, it's impracticable on other hand been that social media is a community that is prone to scam attacks which is not something that is safe practices by linking our social media account with our bank accounts.

[CryptoHeadlineNews]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

So how about people whose name on social media are totally different from their real name? So are banks going to accept such contracting names? Or are they going to force individuals to go swear affidavit in court for change of social media names? Lolz.. Because normally all those approach just sound funny to the ear. So does that mean NIN, BVN and our Nigerian voters cards are no longer enough to proof a person identity? Because I just think our government just need to stop all this expensive play, and focus on serious issue affecting the country, because asking for social media accounts, is one requirement that can never be successful.

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?

If crypto exchanges start to ask for social media accounts for verification, then they should be ready for more scams, because I bet you, the rate of scam will double the very moment they make that a basic requirement for verification.

[Igebotz]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?

Nothing. They'll get a lot of fake social media profiles because not everyone uses social media or uses their real identities online. This is completely superfluous; are our addresses, ID numbers, and passports no longer required for KYC? Why do banks want everyone to join up for social media using their true identities? To begin stalking us, and for what motives. I saw this news but ignored it since I knew it would be meaningless in the end.

So how about people whose name on social media are totally different from their real name? So are banks going to accept such contracting names? Or are they going to force individuals to go swear affidavit in court for change of social media names? Lolz..

No need to swear affidavit just create a new account bearing the same personal details with your bank. After successful verification, you dump the account and move on with your life. Lol

[Agbamoni]

How will they know that the user is actually putting their main social media. The idea is stupid, and it makes no sense. Anytime i see new rules and regulations or new orders from the government i expect to see the reason why they had made such statements and how it will change the way things are going on in the country. The same social media they feel people use in scamming others has been the same thing the government wants to adopt to harness cybercrimes in the society.

[sotelorene]

This may really sound funny but trust me it's not because this is total madness sorry to say. Why would the government leave their major responsibility to fight something that is not necessary something that is not worth it, let me just believe that this is one na intial gra gra. People dey complain of hunger, fuel scarcity which is causing the increase in price, scarcity of cement and many other yet our government are out there busy doing what they know will affect her citizens. Morever if exchange should also start demanding for this social media handle that won't be funny but I know that any exchange that is looking for customer and popularity won't try such thing.

[Fiasem20]

Nigerian government are always up to amazing and crazy things.What would be the essence of demanding customers social media handles as KYC requirement?it makes no sense,ohh maybe they think it would reduce the rate of scam in Nigeria...... social media handles as KYC requirement is absolute rubbish because most users will still fake their identity online to fill in the gap.Nigerian government should stop all these KYC requirement stuff, that's not the problem of the country currently,even with the whole KYC requirement the rate of scam isn't decreasing so what's the essence.

[Cryptoprincess101]

So how about if you are not in any social media platform nkor? This country is really becoming ridiculous like where are we even heading to in this country because we might wake up one day and they will tell us to bring our school certificates if possible marriage certificates as well as part of KYC documents. All this things are the reasons i stopped listening to Nigerian news both on media and online because you will just be hearing annoying stories all the time, there is never a time one will just wake up to new opportunities in this country but from one nonsense talk to another. That means they want everyone to be answering their real names on social media so that they can easily get people's details and monitor what people do on social networks.

So how about people whose name on social media are totally different from their real name? So are banks going to accept such contracting names? Or are they going to force individuals to go swear affidavit in court for change of social media names? Lolz..

No need to swear affidavit just create a new account bearing the same personal details with your bank. After successful verification, you dump the account and move on with your life. Lol

This sounds funny though but Nigerians actually knows how to maneuver things so I believe this is exactly what they will do because no one will accept to give them your social media handle like who does that in this modern age that technology has taken over everything, no body will try such rough play.

[nelson4lov]

Social media accounts as part of KYC requirements is actually a first. I'm not sure where these people get their ideas from but it's BS. These lawmakers need to focus on more important things because it's no longer funny. First, It used to BVN then they moved to NIN as defacto choice and it was stressful especially when they added a deadline tag to it. Why did we have to go through the stress of getting BVN + NIN if there's still social media handles to attach? Makes zero sense but then again, this is Nigeria.

[Jegileman]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

What level of KYC are we going dipper into with this type of abrupt demands from the government? I don’t get to understand how that will help them in any way or did they even put a very good and compelling reason for doing so? This could just be that they’ve after social media wailers and influencers that use their power in the media to frustrate the government. By having their account details, they would want to use that against them b stopping them from doing what they do with their social media accounts. BVN and NIN already linked to banks is okay.

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?

That’s too much and I don’t think they’ll do that because it makes no sense to me and I believe many will also fell the same not to convinced so much to those demands if at all they warrant all customers to that KYC before attempting to use any of their services henceforth. By doing that they’re also helping in the drawing of traffic to most of those social media platforms since not everyone that will have an exchange account has a social media account.

[Obari]

Have you seen the recent development that the court has now backed the banks to demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

And what do you think of this if crypto exchanges start demanding social media accounts as part of their KYC requirements?


source

Well I don’t want to be in a haste to condemn anyone but I personally think say, this matter wey government Dey do so, get both good and bad aspect of it and just as everything get both advantages and disadvantages, this case also get am too as I think with the social media handle so, you fit easily track any vendor wey wan carry your money run but in the other hand, I think government don Dey over play their role for this crypto matter and e come be like them don Dey forget the major reason of taxation wey dem don already Dey achieve and what is the essence of all these other irrelevant issues and matter wey them Dey carry come out ?
Make them no wake up one day talk say any cryptocurrency holder ho Dey banished because nothing Dey hard them.

[Odogwu-Blockchain]

Nothing. They'll get a lot of fake social media profiles because not everyone uses social media or uses their real identities online.

Will only work for new registrants and if bank account registration form is done online while registrants will have to verify and authorize/link with their social media handle automatically. If done manually, then there'll be a lot fake username all through, and I don't think banks will have the time to go through and check if it's fake or not.