CBN Directs Nigerian Financial Institutions to Clearly Display Corporate Names Online

The Central Bank of Nigeria (CBN) has issued a directive instructing all Nigerian financial institutions, including banks, payment services providers, and international money transfer operators, to clearly display their corporate names on all online business platforms, including websites, portals, and mobile apps. The move is aimed at assisting customers in easily identifying the brands and reducing the risk of falling victim to fraud.

The directive, outlined in a circular signed by Haruna Mustafa, the CBN’s director of financial policy and regulation, emphasized that the failure to display legal names on online platforms has caused difficulties for customers in need of assistance. Financial institutions are required to comply with this directive by January 31, 2024, to avoid potential sanctions.

The circular outlined specific actions for compliance, including:

1. Conspicuously displaying corporate names on all websites, portals, and online applications.
2. Including the statement “Licensed by the Central Bank of Nigeria” beside or under their names.

The CBN stressed that the directive is crucial for building trust and confidence in the use of financial products and services. Additionally, the move aligns with the central bank’s efforts to enhance the accuracy and depth of customer identification through the inclusion of social media handles, as part of the Know Your Customer (KYC) requirements.

Financial institutions failing to comply with the directive by the specified date will face appropriate sanctions. The CBN continues to implement measures to ensure transparency, consumer protection, and a secure financial environment in Nigeria.