Nigeria: Account Limits and Flexibility, Key to Financial Inclusion

28 January 2013

Last week, the Central Bank of Nigeria (CBN) issued new three tier Know Your Customers' guidelines for banks relaxing the requirements for customers to open accounts in any bank. It however placed limits on the three categories of accounts that could be operated by a customer.

According to a circular which was signed by the CBN Director, Financial Policy and Regulation, Mr. Chris Chukwu, the apex bank has "taken steps to ensure that socially and financially disadvantaged persons should not be precluded from opening accounts or obtaining other financial services for lack of acceptable means of identification.

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