Social media account as KYC requirement?

[Rruchi man]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

[Mate2237]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this? And what do you think of this if exchanges start demanding social media accounts as KYC requirements?


source

That news no be today news and e dey tay small. I think na in the month of March na dat news came and the public opinion was seriously against the Policy so dem don cancelled am. E no work out again. Dat matter dem don settle am very long time ago.

[Rruchi man]

That news no be today news and e dey tay small. I think na in the month of March na dat news came and the public opinion was seriously against the Policy so dem don cancelled am. E no work out again. Dat matter dem don settle am very long time ago.

By my reputation, you should know that I will not bring up an issue that has been settled or closed. If you had gone through the source from which I referenced this discussion, you would have seen that it was dated May 16, 2024, and the news clearly shows that the CBN now has the backing of the court to demand social media accounts.

Contrary to what you think, the matter was not settled, nor was it canceled, but it was in court, and now that the court has given its stance on it, be ready to give an answer when the bank starts requesting it.

[Cryptsafe]

I do not think that policy would be feasible because I see no iota of sense in it. What  is the business of the bank with their customers social media handles ? Abi dem want to begin monitor their customers? Dem be security organisation wey dey investigate criminal matters ? It is obvious that they do not know their priorities as a bank but rather they choose to make things difficult for the masses. They should be investigating the causes of empty ATM machines and naira sales by their staff so as to take appropriate actions rather than chasing clouds.

[electronicash]

this is from CNB though. if anyone have seen the plans of the unelected officials from WEF, this is worse than social credit system. its the start of a dystopian world that when they find out you support Free Palestine in your social media posts, they might freeze your funds in the exchanges. this scares the shit out of those freedom loving guys out there who just want to be anonymous.

and i guess they will also make sure the email you use in the exchange is the one you use for the social media account.   

[SmartGold01]

Nothing musa no go see for gate.. See sincerely I don't really support this idea of banks starts requiring our social media details because I see no use to it because when gets to those handles there is every possibility they would start watching over their customers to see those that are living a flamboyant life possibly could report to EFCC to come for questioning, so for me, i think this gets so serious I don't mind deleting all my flashy photos and just leave few, and I won't be updating my social media again in order to keep them in the dark.

[Agbe]

Nothing musa no go see for gate.. See sincerely I don't really support this idea of banks starts requiring our social media details because I see no use to it because when gets to those handles there is every possibility they would start watching over their customers to see those that are living a flamboyant life possibly could report to EFCC to come for questioning, so for me, i think this gets so serious I don't mind deleting all my flashy photos and just leave few, and I won't be updating my social media again in order to keep them in the dark.

Nobody support the idea sef when the matter was brought to the public plenty against am. But there is no big deal because since Bank e don already collect our KYC very well so there is fear for that matter. Highest na message dem go send give you if they add you for their social media platforms. Like email, dem dey send message. If they add you, you unfollow them then no big deal again. You fit block them or mute them so that you no go receive messages from dem.

[SmartGold01]

Nothing musa no go see for gate.. See sincerely I don't really support this idea of banks starts requiring our social media details because I see no use to it because when gets to those handles there is every possibility they would start watching over their customers to see those that are living a flamboyant life possibly could report to EFCC to come for questioning, so for me, i think this gets so serious I don't mind deleting all my flashy photos and just leave few, and I won't be updating my social media again in order to keep them in the dark.

Nobody support the idea sef when the matter was brought to the public plenty against am. But there is no big deal because since Bank e don already collect our KYC very well so there is fear for that matter. Highest na message dem go send give you if they add you for their social media platforms. Like email, dem dey send message. If they add you, you unfollow them then no big deal again. You fit block them or mute them so that you no go receive messages from dem.

Na true you talk but me see am say them fit dey charge people add am too like they way them dey do for sms, mail charges for instance if they send you debit and credit alert the would include their service charge at every month ending making them to extort much from the poor masses.

[Agbe]

Na true you talk but me see am say them fit dey charge people add am too like they way them dey do for sms, mail charges for instance if they send you debit and credit alert the would include their service charge at every month ending making them to extort much from the poor masses.

No be lie, Nigerian Banks dey use small opportunity dey over do. Bank dey collect electronic levy which I don't even know which one be electronic levy and sms charges again. Probably the electronic levy should be the email levy then in the process of registering the account, and in the KYC you can leave the email and the social media option because I know that the email column is an option which you can leave if you don't have an email and that should be the case for the social media column too. And the only mandatory KYC is the phone number for calling if there is an any issue to resolve and sms and adding to the bvn.

[SmartGold01]

Na true you talk but me see am say them fit dey charge people add am too like they way them dey do for sms, mail charges for instance if they send you debit and credit alert the would include their service charge at every month ending making them to extort much from the poor masses.

No be lie, Nigerian Banks dey use small opportunity dey over do. Bank dey collect electronic levy which I don't even know which one be electronic levy and sms charges again. Probably the electronic levy should be the email levy then in the process of registering the account, and in the KYC you can leave the email and the social media option because I know that the email column is an option which you can leave if you don't have an email and that should be the case for the social media column too. And the only mandatory KYC is the phone number for calling if there is an any issue to resolve and sms and adding to the bvn.

Although I love the mailing option more than the SMS because if you lost your phone and SIM card you can easily login to your mail to see your transaction details, and again SMS when someone secretly transfer money from your account they can delete the alert but when you login to your email you will see all transactions over there and monitor who stole your money while they have access to your phone even without you going to bank to print account statement.

[Sim_card]

Maybe we will stop using banks since they want to ask for social media accounts. It will not work because it is not like NIN that is compulsory. What of those old people that don't have social media accounts, and those staying in interior villages where there is no light and poor network. I beg make them go sit down for gutter and think on how to provide jobs for the youths and improve the economy. I no get social media account abi na by force oga.

[Agbe]

Maybe we will stop using banks since they want to ask for social media accounts.

How? This is unrealistic. You can't live in Nigeria without using banks as a cryptocurrency enthusiast and even if you no dey use cryptocurrencies, you go fit live dis country without using the commercial banks. You have to know dat you can't use cryptocurrency to buy anything in this country, just few people dey accept cryptocurrency in their shop and now dem dey do am secretly because of the government wahala. So bank na necessary thing in the cryptocurrency world.

[Tribalchief]

When I saw bank at first, I thought it was a global requirement, until I decided to read the headlines, only to find out that it's same people as usual  . This people are clearly confused, as they don't even have reasonable policies to implement. Just imagine someone who uses a social media account that doesn't carry same name as bank name. I think the CBN and the government can do better by implementing policies that would be of a better benefits to the citizens.

And as for exchanges, you should know that they can't implement such an idea that doesn't even make any sense. KYC verification still won't go outside the personalities of a person such as d.o.b, residence, face recognition, etc.

[Cryptsafe]

And as for exchanges, you should know that they can't implement such an idea that doesn't even make any sense. KYC verification still won't go outside the personalities of a person such as d.o.b, residence, face recognition, etc.

That would be the last thing any reasonable exchange would do to wanting to force or implement such policy for their members to link social media handles to their account. I think that would not be feasible and would not go down well with such exchange that makes such a silly mistake. Unless they are prepared to suit down because they would end up losing members to another exchange because nobody would want to stress themselves with a particular exchange and policy when there are thousands of options out there for them to make choice.

Although I have seen few exchange with such option on user  profile dashboard section for their members to link up their social media handles or account. It is not compulsory but a free will thing to do if you deem it fit to do so.
Ordinarily, I would not advise anybody to try that option because doing that alone could breach your privacy and if that exchange gets hacked, your information including your social media handles would be exposed and you can be easily traced or tracked through your social media handle linked to the hacked exchange account.

[Charles-Tim]

Have you seen the recent development that banks can now demand customers submit their social media handles as part of their KYC requirements? What do you think of this?

I guess some people can use fake social media account for the KYC. But there has been ways that people are getting verified with provision of fake identity documents.

And what do you think of this if exchanges start demanding social media accounts as KYC requirements?

This is not new at all. I have seen on many exchanges registration page that asked for social media for the users registration. Even before there were exchanges, social media has been asked for KYC on other platforms before.