CBN directs banks to collect customers social media handles in Nigeria

[Augusta]

The apex bank in Nigeria has directed other banks to collect customer?s social media handles.

This is coming from a judgement from Federal High Court, Lagos, it has upheld a new Central Bank of Nigeria (CBN) regulation which requires financial institutions to demand and collect the social media handles of their customers. This is seen as part of the standard Know-Your-Customer procedure.


The judge struck out a suit filed by a Lagos-based lawyer, Chris Eke, seeking a declaration that the new CBN regulation is undemocratic, unconstitutional, null and void, to the extent of its inconsistency with Section 37 of the 1999 Constitution of the Federal Republic of Nigeria


The apex bank also disagreed that the said regulation constitutes any interference with the private life of any customer so in his judgment, Justice Dim backs CBN and directs banks to collect customers social media handles and refused all objections.

 

[eLdavis]

So how does this help them know their customers and why do they even need to know their customers to that extent? They already have their BVN and NIN and even house addresses. Most times when I see the kind of laws coming up in Nigeria, it makes me question if does in power are actually the right choice. Obviously they aren't.

 

[magnus2022]

With NIN and BVN, the bank have all the necessary information they need to know about their customers. One problem we have in Nigeria is misplaced priorities. Banks should concentrate on business of banking.

 

[Augusta]

With NIN and BVN, the bank have all the necessary information they need to know about their customers. One problem we have in Nigeria is misplaced priorities. Banks should concentrate on business of banking.

I totally agree with you, the problem we have in Nigeria is just misplaced priorities. Always doing what isn't necessary