Social media platforms have become the preferred choice for new age communication, offering a lot of interactive technologies that enable the creation and transmission of information, ideas, and interests. These virtual communities and networks have transformed the way we connect, enabling people from around the world to come together and express themselves. Whether through text, photos, videos, or live streams, these platforms are a space for people to connect, engage, and interact with one another.
In a move to enhance customer identification and combat financial crimes, the Central Bank of Nigeria has introduced new regulations for financial institutions under its purview. According to CBN’s recently published Customer Due Diligence Regulations 2023, customers of financial institutions in the Country would be required to provide their social media addresses as part of the customer identification requirement.
This information, combined with traditional identification methods (phone number, email address, occupation, name of employer, residential address etc), allows for a more comprehensive understanding of customers’ financial behaviour and potential risks associated with their accounts. While these new regulations serve to strengthen the financial system, concerns about privacy and data protection have also arisen.