Money, selfies, and regulation.
159: The CBN’s wants customers' KYC to tread a social media path.
Hello Venturer,
In today's digital age, you likely have one or more social media apps on your smartphone for entertainment, networking, or staying informed.
In Nigeria, this is about to change, and there could be more reasons to have a social media account. Last Friday, the Central Bank of Nigeria (CBN) implemented the Customer Due Diligence Regulation 2023, which mandates banks to collect customers' social media handles as part of the Know Your Customer (KYC) process.
The apex bank says the regulation would enable financial institutions to gain valuable insights into customers’ online presence and activities, enabling better assessment of potential risks associated with money laundering, terrorism financing, and proliferation financing.
This week, we explored this regulation, addressing concerns raised by Nigerians regarding its impact on financial inclusion and potential social media censorship. Enjoy.
Adekunle Agbetiloye
Writer, Ventures Africa.
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