As part of efforts to enhance financial inclusion in the country, the Central Bank of Nigeria (CBN) has advised all banks and Other Financial Institutions (OFIs) to henceforth, accept the Independent National Electoral Commission (INEC) voter’s registration card as a valid additional means of Know-Your Customer (KYC) for the purpose of conducting banking business in Nigeria.
The central bank stated this in a circular to all banks and OFIs titled: “Inclusion of INEC Voter’s Registration Card as Means of Customer Identification,” posted on its website yesterday.
The circular signed by Amugo K.N on behalf of the Director, Financial Policy and Regulation Department, CBN, dated September 21, 2012, explained: “Further to our circular on Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) Regulation 2009 on acceptable means of identification for the purpose of account opening and transaction of banking business in Nigeria, it has become necessary as a result of the need to enhance financial inclusion, to extend the acceptable identification options.
“Accordingly, all banks and other financial institutions are hereby advised to accept INEC Voter’s Registration Card duly issued by INEC, bearing the holder’s particulars such as name, photograph, date of birth and address as a valid additional means of identification of natural persons for the purpose of conduction banking business in Nigeria.”
Also, in a separate circular to all banks and OFIs tagged: “Uniform Account Opening Forms,” dated October 2, 2012, the regulator stressed that he absence of uniformity in account opening procedure and documentation for prospective customers has continued to hinder effectiveness of KYC requirements in banks and others financial institutions in Nigeria.
“The CBN in conjunction with the Committee of Chief Compliance Officers of Banks in Nigeria (CCCOBIN) has therefore developed draft uniform account opening forms for adoption by banks and OFIs,” it disclosed.
Experts Converge on Lagos for Cash-less Policy Summit
The Central Bank of Nigeria (CBN) and other institutions and experts will converge on Lagos from Monday for a conference on the cash-less policy.
A statement said the conference will attract experts will from sectors of the economy such as banking, manufacturing, telecommunications, services, the informal sector as well as from outside the country.
The conference which is expected to hold at the Lagos Oriental Hotel, between October 8th and 9th is being organised by De Novo (a strategy brand and media firm) and Legal Reach, a UK law firm.
The two-day programme, sponsored mainly by the central bank focuses on the country’s transition to a cashless society, with respect to the possibilities and challenges.
Key speakers at the forum include Governor of Lagos State, Babatunde Fashola; Governor, CBN, Mallam Sanusi Lamido Sanusi; Attorney General of the Federation and Minister of Justice, Mr. Mohammed Bello Adoke; Minister of Communication and Technology, Mrs. Omobola Johnson; and top relevant members of the National Assembly.
The CBN governor is expected to open the conference, while banks, telecoms companies, e-payment service providers, law firms, etc are expected to participate. Lagos is the pilot state for the cashless programme.