• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business Banking & Finance

Nigerian Court upholds provision for banks to collect and verify customers’ social media as part of their KYC process

1 year ago
in Banking & Finance, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
47
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

From the Continent, For the Continent: Building Homegrown Instant Payment Systems to Drive Financial Inclusion in Africa

Ghana’s DStv Standoff: A Warning Signal for Investors

When Prices Feel Like Power: Fix Competition, Not Just DStv 

Nigerian Court upholds provision for banks to collect and verify customers’ social media as part of their KYC process

The Federal High Court in  Lagos has upheld a provision of the Customer Due Diligence Regulations 2023 that requires banks to collect and verify customers’ social media handles as part of the Know-Your-Customer process.

The court upheld the provision after Chris Eke, a Lagos-based lawyer, filed a lawsuit against the CBN, claiming that the regulation is undemocratic, unconstitutional, and violates a section of the 1999 Constitution.

Details

The CBN regulation, which was issued in 2023, was said to help combat financial crimes and terrorism while also increasing the thoroughness of customer identification. Section 6 (IV) of the CBN regulation requires Nigerian financial institutions to collect and verify customers’ social media handles as part of the Know Your Customer (KYC) process, to improve customer identification accuracy and depth.

Chris Eke filed a suit where he requested that the court grant a perpetual injunction prohibiting CBN from enforcing the aforementioned regulation, CBN, in a notice of preliminary objection, challenged the suit’s competence, claiming that the regulation does not violate the applicant’s privacy.

Digging Deeper

The court stated that the applicant’s claims that the requirements of the CBN Regulations violate his right to privacy are very “ambitious.”

What They’re Saying

“The said regulations are directed to and apply to financial institutions. It does not apply to private individuals such as the applicant,” he said.

He also stated that, while the applicant’s claim could be argued, it is speculative because he did not state that he has a financial institution account and was asked to provide his social media handle.

The judge also stated that providing a social media handle is the same as providing an email address, phone number, and other details.

Consequently, he dismissed the suit.

Source: techlabari
Via: norvanreports
Tags: KYC processNigerian Court upholds provision for banks to collect and verify customers’ social media as part of their KYC processSocial Media
No Result
View All Result

Highlights

Africa’s GDP to rise to $15trn on investment in agriculture, industry, service

India Rejects U.S. Crude for Nigerian Oil as Sanctions on Russia Reshape Supply

Elon Musk is a Step Closer to Becoming a Trillionaire. Here’s a Look at His Rising Wealth

Gov’t to Proceed With MultiChoice Ghana Shutdown if Company Fails to Cut Prices Today

Hearts of Oak Clinch 2025 Democracy Cup with Narrow Victory Over Great Olympics

Alcaraz Outclass Djokovic to Reach Men’s Final; Dabrowski and Gabriella Capture Women’s Double Title

Trending

Economy

From the Continent, For the Continent: Building Homegrown Instant Payment Systems to Drive Financial Inclusion in Africa

September 6, 2025

From the Continent, For the Continent: Building Homegrown Instant Payment Systems to Drive Financial Inclusion in Africa...

Ghana’s DStv Standoff: A Warning Signal for Investors

September 6, 2025

When Prices Feel Like Power: Fix Competition, Not Just DStv 

September 6, 2025

Africa’s GDP to rise to $15trn on investment in agriculture, industry, service

September 6, 2025

India Rejects U.S. Crude for Nigerian Oil as Sanctions on Russia Reshape Supply

September 6, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.