Thursday, April 24, 2014

Voters card now sufficient for bank identification- CBN

Published:

Central Bank of Nigeria

The voters’ registration cards will now become an acceptable form of identification in banking halls.

 

Nigerians with no other form of identification but the voter’s card can breathe a sigh of relief, regarding banking transactions, as the Central Bank of Nigeria has ordered all banks to recognise the voter’s card as an acceptable form of identification.

The Central Bank, CBN, has issued a circular to all banks and other financial institutions, to extend the acceptable identification options to include the voters’ registration card.

The circular, titled “Inclusion of Independent National Electoral Commission, INEC, voter’s registration card as a means of customer identification”, ordered all banks and financial institutions to accept INEC Voter’s registration card duly issued by INEC, and bearing the holder’s particulars such as name, photograph, date of birth, and address as a valid means of conducting banking business in Nigeria.

The circular which was pasted on the bank’s website, Thursday, would see banks and financial institutions receive voters’ registration cards as a means of identification to open accounts and other banks transactions such as clearing of third party cheques, among others.

Major means of identification used to include National Drivers’ Licence and the International Passport. This option would help the Central Bank achieve a rise in financial inclusion, as obtaining the other means of identification posed great challenges in banking transactions, particularly for artisans and the un-employed.

Banks to have uniform account opening forms

In another circular to banks, the CBN said the absence of uniformity in account opening procedure and documentation for prospective customers has continued to hinder the effectiveness of the Know Your Customer, KYC, requirements, in banks and other financial institutions in Nigeria.

The Central Bank said the “adverse implication of this on the fight against money laundering and the combating of financing of terrorism cannot be overemphasized.”

The bank said it has, in conjunction with the Committee of Chief Compliance Officers of Banks in Nigeria, developed a draft uniform account opening forms for adoption by banks and other financial institutions. This move would help increase the effectiveness of customer due diligence, and facilitate quick investigation of financial crimes by relevant agencies, according to the Central Bank.

Banks are expected to make their comments and critique, on the draft documents released by the Central Bank on three account opening forms (for individuals, for companies and for designated non-financial businesses and professions), for further work and conclusions on the documents to take place.

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