CBN instructs banks to allow travel documents, refugee ID for transactions

The Central Bank of Nigeria (CBN) on Thursday gave a directive to deposit money banks and Other Financial Institutions (OFIs) to accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card, as means of identification for bank transactions.

This followed the challenges encountered by refugees and asylum seekers concerning means of identification during financial transactions.

Analysts said allowing refugees identification cards for transactions would enhance financial inclusion.

A circular signed by Kevin Amugo, Director, Finance Policy Regulation Department, referred all banks and OFIs to the provisions of the CBN AML/CFT Regulations 2013 (as amended) on customer due diligence.

The CBN noted that the 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.

Banks and other financial institutions are also 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 the CBN stated.

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