By Agency reporter

Friday, 17 Dec 2010

Some bankers in Lagos have commended the Central Bank of Nigeria’s, directive that all banks should collate customers’ data and send it to the apex bank.

They gave the commendation in separate interviews with the News Agency of Nigeria, saying that the directive was a step toward ensuring efficiency and reducing crime in the financial sector.

Head of Corporate Affairs, Union Bank of Nigeria Plc, Mr. Francis Barde, said that the directive was a good measure that would strengthen the banking sector.

Barde said that the directive had been in existence for a long time but was not enforced by the regulator.

“We have been practicing the ‘Know Your Customers (KYC)’ in our bank before the recent directive by the CBN,” the bank‘s spokesman said, adding that it was in line with the provisions of code of corporate governance.

Barde said, “it is the responsibility of the customers to inform the bank whenever there are changes in the information given to the bank.”

 

Source: Punch