The Central Bank of Nigeria has mandated all licensed financial institutions to prominently showcase their corporate names across their websites, portals, and online applications.
This instruction was officially communicated through the apex bank’s website on December 7, 2023. The aim behind this directive is to fortify defenses against online fraud and elevate consumer trust.
The CBN has set a deadline of January 31, 2024, for compliance and cautioned financial institutions about potential sanctions for non-compliance.
Additionally, institutions are expected to exhibit their corporate names and include the statement “Licensed by the Central Bank of Nigeria” adjacent to or below their terms as a mandatory requirement.
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.”
