CBN orders Access, Zenith, other banks to demand social media handles of customers

The Central Bank of Nigeria has asked all financial institutions, including commercial banks, to collect and verify customers' social media handles as part of their Know Your Customer (KYC) requirements.

The new directive applies to both individuals' and legal entities' customers as captured in CBN's Customer Due Diligence Regulations for 2023, obtained by Legit.ng.

The CBN hopes that the social media handles will enhance financial institutions' accuracy and depth of customer identification.

Part of the CBN directive reads:

"FIs shall identify their customer (whether permanent or occasional, and whether natural or legal persons or legal arrangements)"

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 (BVN)

Tax Identification Number (TIN)

Nationality

Occupation, public position held, and name of employer

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

For Legal entities which are companies, firms CBN wants banks to demand the following:

Name of institution

Mailing address

E-mail and social media address

Phone numbers

Registration number

Registered address

Business address

Valid identification, such as tax identification number

Nature and purpose of business or activities

Certified true copy of documentary evidence confirming legal existence, such as a certificate of incorporation

Certified true copy of memorandum and articles of association or other similar documents

Certified true copy of the list of directors and shareholders or similar documents

Board resolution to open the account

Identification of those who have authority to operate the account.