“They Agree”: CBN to Review Order Requesting Access, UBA, Other Banks Customer’s Social Media Handles

“They Agree”: CBN to Review Order Requesting Access, UBA, Other Banks Customer’s Social Media Handles

  • The Central Bank of Nigeria and the federal government will be making a decision soon regarding customers submitting social media handles
  • CBN, in a recent circular, instructed Access, UBA, Zenith and other commercial banks and financial institutions to request their customer social media details
  • Nigerians were displeased while the Socio-Economic Rights and Accountability Project (SERAP) dragged the CBN to court

A joint committee has been set up to review the regulation mandating financial institutions to obtain social media handles, among other data, of customers.

The committee will comprise the Nigeria Data Protection Commission(NDPC) and the Central Bank of Nigeria (CBN).

CBN, bank customers social media details
Nigerians were not happy that the CBN asked banks to demand social media account details. Photo credit: @cbn
Source: Facebook

Vincent Olatunji, the National Commissioner of the NDPC, disclosed this at a two-day sensitisation workshop on Data Privacy and Protection in Abuja on Thursday, August 31, 2023.

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CBN social media request

Legit.ng had reported in June that the CBN, in its (Customer Due Diligence) Regulations, 2023’ document, asked financial institutions to obtain the social media handles, e-mail addresses, telephone numbers, residential addresses, and more of their customers.

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This formed part of its new customer due diligence regulations and is in a bid further to deepen the identification process in the banking system.

CBN to review social media request

The CBN request was not well received by Nigerians and other government agencies, such as the NDPC, which kicked against the regulation, describing it as unnecessary, Punch reports.

Olatunji speaking at the workshop said:

“When there was an issue with CBN asking for CBN handles, we actually went to the CBN and we set up a joint committee to see the best way to resolve this.

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"We told them that was not necessary and they agreed with us.”

Additionally, he mentioned that the commission is actively involved in thorough awareness campaigns regarding the Nigeria Data Protection Act and in enhancing the skills of Data Protection Officers and the general public.

In another statement, Dr Bosun Tijani, the Minister of Communications, Innovation, and Digital Economy, emphasised the Federal Government's dedication to safeguarding digital platforms to instil trust in citizens when they are online.

He said:

"Data privacy extends beyond mere convenience; it represents a core human right that deserves our attention.

CBN announces dollar to naira price verification portal

Meanwhile, in another report, it was revealed that the Central Bank of Nigeria had introduced a new portal that will put an end to malpractices in the foreign exchange market.

The portal is set to go live by the end of August 2023, and it is expected to be a game-changer if done correctly.

Source: Legit.ng

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