The Central Bank of Nigeria (CBN) has ordered all licensed financial institutions in the country to display their corporate names conspicuously on all their websites, portals, and online applications.
This directive, which was published on the apex bank’s website, is intended to guard against online fraud and boost consumer confidence.
To ensure strict compliance with the regulatory order, the apex bank sets a timeline of January 31, 2024, for all financial institutions to comply, warning that failure to comply would attract appropriate sanctions.
Similarly, it further directed that financial institutions should display their corporate names and be required to include the phrase “Licensed by the Central Bank of Nigeria” beside or under their terms.
The statement reads: “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 negative perception of the products or services, misleading consumers and difficulty to seek redress when the need arises.
“Given the above and to engender trust and confidence in the use of such products and services, all licensed financial institutions are hereby required to:
“Conspicuously display their corporate names on all their corporate names on all their websites, portals, and online applications.
“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 before January 31, 2024, as failure to do so will attract appropriate sanctions”, the apex bank added.
