This was the resolution of the House following a motion sponsored by nine members.
This was the resolution of the House following a motion sponsored by nine members.
The CBN had released its Customer Due Diligence Regulations 2023, noting that the inclusion of social media handles on “Know Your Customer” would galvanize compliance with anti-money laundering and counter-terrorism financing provisions.
However, the House was worried that if the directive takes effect, Nigerians, who are not on social media with large turnovers from their businesses and trades, would be systematically excluded from formal banking systems.
Part of the concerns of the House was the untold hardship the directive would cause millions of Nigerians, especially the illiterates, or semi-literate business owners, traders and entrepreneurs living in the villages and rural areas who do not have social media handles.
Meanwhile, the House said it would investigate the issue of excess charges and illegal deductions by commercial banks in the country.
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