The Central Bank of Nigeria (CBN) has issued a directive to all licensed financial institutions, instructing them to prominently showcase their corporate names on their websites, portals, and online applications.
This directive, disclosed on the CBN’s website on December 7, 2023, is intended to foster trust and confidence in the use of financial products and services.
The CBN emphasized that the absence of corporate names on transaction websites, portals, or online applications could lead to negative perceptions, mislead consumers, and create difficulties in seeking redress when needed.
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In addition to displaying their corporate names, banks are mandated to include the phrase “Licensed by the Central Bank of Nigeria” beside or under their names.
A deadline of January 31, 2024, has been set by the CBN for compliance, and failure to adhere to this directive will result in appropriate sanctions.
The CBN expressed concern over licensed entities operating transaction websites or applications that do not prominently display their corporate names, highlighting the risks such practices pose to consumers.
The directive aims to mitigate these risks and enhance transparency in the financial sector.
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