CBN Adds INEC Voter Card To List Of Identification Options

Introduces Uniform Account Opening Forms For Money Deposit Banks

BANK customers can now tender their Independent National Electoral Commission (INEC) voter cards as part of identification requirements while seeking approvals for highly sensitive transactions, including cheque withdrawals and account opening.

The Central Bank of Nigeria (CBN), which has also introduced uniform account opening forms for all money deposit banks in the country, said the move is in line with its vision of financial inclusion in the country. It, therefore, directed banks to, henceforth, accept INEC voter cards as means of identification from customers who may not have any means of identification.

The adoption of a uniform accounts opening forms, according to the apex bank, is to simplify the process and encourage the teeming number of unbanked to embrace new financial culture.

The CBN explained the new measures in separate circulars issued to all money deposit banks and other financial institutions.

The inclusion of the INEC voter card as means of identification, it said, followed an earlier circular on Anti- Money Laundry regulation of 2009 on acceptable means of identification.

The circular, which was signed by Mr. Amugo, K.N for the apex bank director in charge of Financial Policy and Regulations, reads in part; " further to our Circular on AML/CFT Regulation 2009 on acceptable means of identification for the purposes of accounts Opening and transaction of banking business in Nigeria, it has become necessary, as a result of the need to enhance financial inclusion, to extend the acceptable identification options."

Accordingly, it directed all banks and other financial institutions to accept INEC's voter registration card duly issued by INEC, bearing the holder's particulars, such as name, photograph, date of birth and address, as valid additional means of identification of natural persons for the purpose of conducting banking business in Nigeria.

On what informed the introduction of a uniform account opening forms for banks in Nigeria, the apex bank, in a circular by Mr. Ubot, U.A for the same director of Financial Policy and Regulations, said:   "The absence of uniformity in Accounts Opening Procedure and documentation for prospective customers has continued to hinder the effectiveness of Know Your customers [KYC] requirements in banks and other financial institutions in Nigeria.

It continued: "The adverse implication of this on the fight against money laundering and combating of terrorism cannot be over-emphasised. The CBN, in conjunction with the chief compliance officers of banks, has, therefore, developed draft uniform account opening forms for adoption by banks and other financial institutions in order to increase customers' due-diligence; comply with AML\CFT standard and facilitate quick investigation of financial crimes by relevant agencies."

Regards,

IAT Boluwatise ¦ +234 808 716 0197
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