Reiterating and reminding banks and other financial institutions to transmit their clients’ account details to its Industry Customer Account Database (ICAD) is what the Nigeria Inter-Bank Settlement System (NIBSS) did today. This was revealed by NIBSS in a statement titled: “CBN’s directive: Submission of Customer Account Details to ICAD”.
The reminder accessed by BrandSpur banking and finance news stated that according to NIBSS, was based on instructions issued by the top bank in a January 2019 circular with reference number BKS/DIR/GEN/CIR/06/001 to all commercial and microfinance banks as well as other banks.
NIBSS had this to say: “Dear Partners, the CBN released a circular with reference number BKS/DIR/GEN/CIR/06/001 on January 31, 2019, directing all Deposit Money Banks, Microfinance Banks, and Others to forward customers’ account details in the specified format to the Nigeria Inter-Bank Settlement (NIBSS), to maintain an Industry Customer Account Database (ICAD).
“The highlights below are to reiterate and remind all stakeholders of the expectations of the CBN circular.
“All regulated financial institutions are mandated to push all their customers accounts/wallets to NIBSS’ ICAD within 24 hours of generating and assigning an account number to the customer (new or existing).
Stating further: “This can be done using the ICAD API service or the ICAD portal.
“All Tier-1 bank accounts and wallet records for individual accounts must be pushed to ICAD with Bank Verification Number, BVN and/or National Identification Number, NIN.
“All tiers two (2) and three (3) accounts and wallets for individual accounts must be pushed to ICAD with BVN and NIN.
“Where a potential customer does not have a BVN or NIN, the regulated financial institution may wish to;
“For BVN, commence the process of enrolling the individual onto the BVN database.
“For NIN, advise the customer to visit the nearest NIN enrolment Centre. The use of any placeholder BVN NIN or fictitious data on an account is strictly prohibited,” NIBSS added.
NIBSS emphasised the benefits of carrying out the directives issued by CBN, saying: “It improves the industry Know Your Customer, KYC, process, industry data accuracy and integrity.
“It improves regulatory compliance and monitoring and promotes industry fraud detection and prevention.
“It improves the Global Standing Instruction (GSI) service which supports the loan recovery process,” it added.
