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

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.