CBN
CBN commands financial institution to reveal their names. The Central Bank of Nigeria has directed all regulated financial institutions to prominently display their corporate identities on all of their websites, portals, and online applications.
On December 7, 2023, the apex bank’s website made this directive public.
The directive issued by the CBN aims to instill trust and confidence in the use of such products and services.
The absence of corporate names on transaction websites/portals or online applications, according to the apex bank, can lead to a bad perception of the products or services, mislead consumers, and make it impossible to seek redress when the need arises.
The banks are in addition to displaying their corporate names also required to include the phrase “Licensed by the Central Bank of Nigeria” beside or under their names.
The CBN has issued a deadline of January 31, 2024, and failure to comply will attract appropriate sanctions.
“The Central Bank of Nigeria has observed with concern that some licensed entities that operate transaction websites/portals or online applications do not conspicuously display their corporate names to facilitate public recognition,” according to the statement.
“This practice portends risk to consumers of such products and services, including negative perception of the products or services, misleading consumers and difficulty to seek redress when the need arises.”
“In light of the foregoing, and in order to instill faith and confidence in the use of such products and services, all licensed financial institutions are henceforth expected to:
“Conspicuously display their corporate names on all of their websites, portals, and online applications.”
“Include Licensed by the Central Bank of Nigeria next to or beneath their names.”
“Accordingly, financial institutions are to ensure full compliance with the above directive not later than January 31, 2024, as failure to do so will attract appropriate sanctions.”