The Central Bank of Nigeria (CBN) have directed all licensed financial institutions to display their corporate names on their websites, portals and online applications.
CBN published this directive on their website and issued a deadline of January 31, 2024.
Failure to comply will attract appropriate sanctions.
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 not later than January 31, 2024, as failure to do so will attract appropriate sanctions.”
