Regulatory Alerts2023-12-11 | FPR/PRD/CIR/INT/001/003Requirement to Display Corporate Names on Websites, Portals, Applications and Other Online Business Platforms
The Central Bank of Nigeria has issued a circular to financial institutions, requiring them to display their corporate names and licensing information on their digital platforms. This directive aims to protect consumers and foster trust in online financial services by making it easier for users to identify licensed entities. Compliance is mandatory by January 31, 2024, with penalties for non-compliance.
Central Bank of Nigeria Financial Policy & Regulation Department Plot 33, Abubakar Tafawa Balewa Way Central Business District P.M.B. 0187, Garki, Abuja - Nigeria. Email: fprd@cbn.gov.ng Website: www.cbn.gov.ng Phone: 09-462-37402, 09-462-37404 FPR/PRD/CIR/INT/001/003 December 7, 2023 Circular to all Banks, Other Financial Institutions, Payment Services Providers and International Money Transfer Operators.
REQUIREMENT TO DISPLAY CORPORATE NAMES ON WEBSITES, PORTALS, APPLICATIONS AND OTHER ONLINE BUSINESS PLATFORMS 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 recognition by the public. This practice portends risk to consumers of such products and services, including potential negative perception of the products or services, misleading consumers and difficulty to seek redress when the need arises.
In view of the above and to engender trust and confidence in the use of such products and services, all licensed financial institutions are hereby required to:
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Conspicuously display their corporate names on all their websites, portals and online applications.
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Include 'Licensed by the Central Bank of Nigeria' beside or under 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.
HARUNA B. MUSTAFA DIRECTOR, FINANCIAL POLICY AND REGULATION DEPARTMENT