Rahma Ahmed
By Ahmed Rahma
The Central Bank of Nigeria (CBN) on Wednesday instructed commercial banks and other financial institutions in the country to accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card as means of identification for financial transactions.
The Director of Finance Policy Regulation Department, Dr Kevin Amugo, explained that the directive was necessitated by the challenges which refugees and asylum seekers experience with means of identification when they engage in financial transactions.
Dr Amugo, in a circular to the banks, financial institutions and payment service providers in the country, noted that “MRCTD issued by the Nigeria Immigration Services; and the Refugee Identity Card issued by the National Commission for Refugee, Migrants and Internally Displaced Persons, are adequate means of identification for banking transactions.”
He also urged the banks to improve on due diligence in all transactions so as to forestall money laundering and other criminal activities depending on the banking system.
“All banks and financial institutions are referred to the provisions of the CBN AML/CFT Regulations 2013 (as amended) on customer due diligence.
“They are required to continue to ensure that effective customer due diligence policies and procedures are implemented to combat money laundering, financing of terrorists, as well as the proliferation of weapons of mass destruction,” Mr Amugo said.
