Bank Account Update: Customers Besiege Banks

Thousands of bank customers across Lagos, South-West Nigeria, this morning besieged several banks  in a desperate effort to beat the Central Bank of Nigeria, (CBN) deadline to all customers to  update their account details.

Governor of CBN, Mallam Sanusi Lamido Sanusi had late last year issued a mandate to all Banks  operating in the country to update their customers’ account in line with the new banking policy.

Specifically, the apex bank governor had  on 29th November, 2010 directed that all customers of  banks and financial institutions in Nigeria should update their accounts  information by 31st  December, 2010 failing which the affected accounts would be suspended with effect from 1st January,  2011.

However, due to complaints from customers, CBN extended the deadline till 31 January , 2011  (today).

The account update, CBN said, was part of the Customer Due Diligence (CDD) which involves Know Your  Customer (KYC) compliance which is accepted worldwide as a tool for the fight against money  laundering and terrorism financing as well as protecting the interest of customers. All banks are  required to ensure compliance.

P.M.NEWS investigation this morning revealed that several customers have still not been able to  update their accounts in Lagos as thousands of them besieged several banks to beat the deadline.

In Ogba, Ikeja, our reporters noticed long queues of customers outside Guarantee Trust Bank (GTB),  United Bank  for Africa (UBA) and Oceanic Bank.

The situation according to our finding was also similar in other parts of Lagos.

Some customers who spoke to our reporter complained about the shortness of the period and the  requirements by some banks for the update.

A market woman, Ngozi Nwankwo, who was still waiting to be attended to this morning at a UBA branch  in Ikeja told our reporter that she had earlier visited the bank last week for the exercise but was  told to get her utility bill and two passports before she can be attended to.

“I was here last week and they told me that they needed my utility bill and my passport before my  account can be updated. I have come here with the two items today. So I hope they will attend to  me,” she said.

Emeka Ani, a business man, complained to our reporter that the period set aside  for the process by  CBN was just too short.

He said: “I don’t know why CBN is in a hurry with this exercise. We are doing voter registration,  Sim card registration and now bank account update. CBN should just make the exercise a regular  thing instead of putting a deadline on it”

—Henry Ojelu