Lawmakers prohibit CBN from using social media to identify clients

Is the CBN pressuring customers to use social media? The House of Representatives seeks answers.The Nigerian House of Representatives has requested that the Central Bank of Nigeria (CBN) delay its rule requiring banks to add clients' social media handles as a means of identification.The decision was made following the introduction of a resolution sponsored by nine members. The Central Bank of Nigeria has announced its Customer Due Diligence Regulations for 2023, stating that include social media handles in the "Know Your Customer" process would improve compliance with anti-money laundering and counter-terrorism funding measures. The House, however, expressed worry over the potential exclusion of Nigerians who do not utilise social media platforms but have considerable company turnovers from the traditional banking system.