CBN orders banks to form central customer watchlist

fraud-beads

The Central Bank of Nigeria has asked local banks to establish customer databases to help identify and prevent fraudulent activities.

In a circular published on October 19, Dipo Fatokun, the central bank’s director for banking and payment systems, says the framework will help “develop and enhance” the security of the electronic payment system.

“The implementation of the framework is with immediate effect,” Fatokun adds.

Under the initiative, banks will compile a database with customer details

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