"It's Privacy Violations:" Reps Asks CBN to Stop Demand For Social Media Handles From Bank Customers
- The House of Representatives has asked the Central Bank of Nigeria to halt the demand for social media handles from bank customers
- The House said the directive is a violation of citizens' privacy as enshrined in the constitution
- Kingsley Chinda, representing Rivers State, said the move would exclude many Nigerians from the financial system
Nigeria's lower legislative chamber, the House of Representatives, has directed the Central Bank of Nigeria (CBN) to stop its demand and directive on adding social media handles as part of Know Your Customer Requirements for bank customers.
Vanguard reports that the motion was moved by Kingsley Chinda from Rivers State and a few others during plenary on Tuesday, July 11, 2023.
Source: Facebook
Policy unnecessary violation of citizens privacy
Chinda said despite its laudable objective, the policy is unnecessary and would mount undue pressure on Nigerians.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ➡️ find the “Recommended for you” block on the home page and enjoy!
He stated that the CBN directive violated the provision of Section 37 of the Nigerian Constitution on the right to citizens' privacy.
According to him, banks in Nigeria already have names, telephone numbers, NIN, BVN, and other valid documents to identify customers.
He stated that there were better ways of monitory money laundering, terrorism financing, and other monetary vices, stating that the apex bank could liaise with security agencies to monitor frauds in Nigeria.
Nigerians will suffer financial exclusion
The Rivers State Rep said if implemented, the policy will exclude many Nigerians from the financial system and cause untold hardship to businesses and their owners.
The Rep members agreed that there is a need to halt the apex bank's directive to reduce the hardship faced by Nigerians.
CBN Orders Access, Zenith, other banks to demand social media handles of customers, 9 other information
Legit.ng reported that 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.
Source: Legit.ng
