The House of Representatives asked the Central Bank of Nigeria to temporarily halt the implementation of an earlier directive to use social media handles for know-your-customer operations.
The CBN says the policy will allow financial institutions to conduct an effective assessment of potential risks associated with money laundering, terrorism financing, and proliferation financing.
He further argued that there are more efficient ways to monitor money laundering and the financing of terrorism, such as using the Nigeria Police Force, the Economic and Financial Crimes Commission and intelligence agencies.
Become a supporter of this podcast: https://www.spreaker.com/podcast/africa-tech-news--5512041/support.
