Licensed financial institutions must prominently exhibit their corporate identities on all websites, portals, and online applications, as per a directive from the Central Bank of Nigeria.
The apex bank’s website published this directive on December 7, 2023.
Regarding the utilization of such products and services, the CBN’s directive seeks to foster confidence and trust.
According to the apex bank, the absence of corporate names on transaction websites, portals, or online applications may delude consumers, hinder their ability to seek redress when necessary, and result in a negative perception of the products or services.
The financial institutions are obligated to exhibit the phrase “Licensed by the Central Bank of Nigeria” either adjacent to or beneath their corporate names.
Noncompliance will result in the imposition of suitable sanctions, as the CBN has set the deadline for January 31, 2024.
The statement reads: “The Central Bank of Nigeria has noted with apprehension that certain authorized entities operating transaction websites/portals or online applications fail to prominently exhibit their corporate names to impede public recognition.”
“This practice foretells potential hazards for consumers of said products and services, such as unfavorable product or service perceptions, consumer deception, and challenges in obtaining redress when necessary.”
In light of the aforementioned and to inspire confidence and trust in the utilization of said products and services, it is at this moment mandatory for all authorized financial institutions to:
They should consistently exhibit their corporate names across all of their online applications, portals, and websites.
“Include Central Bank of Nigeria-licensed products next to or beneath their names.”
Financial institutions have until January 31, 2024, to ensure complete adherence to the aforementioned directive. Negligence to comply will result in suitable penalties.