Nigerians raise eyebrows as CBN tells banks to require social media accounts for KYC

There have been mixed reactions by concerned parties in Nigeria following a directive by the country’s Central Bank (CBN) for all financial institutions under its regulatory purview to collect the social media accounts of users as part of Know Your Customer (KYC) processes for account opening.

The directive is contained in new customer due diligence regulations issued by the CBN last month.

In a circular accompanying the regulations, the apex bank says the new guidelines are meant to “assist financial …

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