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HomeNewsNigeria: Apex bank releases format for uniform account opening

Nigeria: Apex bank releases format for uniform account opening

The apex Central Bank of Nigeria (CBN) has developed uniform account opening forms to ensure that depositors in banks and other financial institutions provide necessary background information for effective Know Your Customer (KYC) due diligence.

“Whereas prospective customers are required to provide the relevant information applicable to them, existing customers are to regularly update their records in line with the formats,” the local media Tuesday quoted Bank official Kevin Amugo as saying.

The CBN explained that the uniformity is to ensure Customer Due Diligence (CDD) in account opening process for prospective customers of financial institutions.

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