CBN moves to protect banks customers, gives fresh order to Access, GTB, Zenith, UBA, others

The Central Bank of Nigeria (CBN) has instructed Nigerian financial institutions to display their corporate names on all their online business platforms which includes websites, portals, and mobile apps.

The directive affects banks, payment services providers, and international money transfer operators.

The CBN gave the directive in a circular signed by Haruna Mustafa, the CBN’s director of financial policy and regulation.

The circular noted that the practice of not displaying the legal name on these online platforms has led to difficulty for some customers in need of assistance.

Financial institutions have January 31, 2024 to comply or risk facing sanction.

The circular reads: “The Central Bank of Nigeria has observed with concern that some licensed entities that operate transaction websites/portals or online applications do not conspicuously display their corporate names to facilitate recognition by the public.

“This practice portends risk to consumers of such products and services, including negative perception of the products or services, misleading consumers and difficulty to seek redress when the need arises.”

The CBN also stressed that the directive will help engender trust and confidence in the use of such products and services.

Here is a breakdown of what financial institutions must do.

1. Conspicuously display their corporate names on all their corporate names on all their websites, portals, and online applications.

2. Include “Licensed by the Central Bank of Nigeria” beside or under their names.

CBN added: “Accordingly, financial institutions are to ensure full compliance with the above directive not later than January 31, 2024, as failure to do so will attract appropriate sanctions.”