NIBSS disclosed this in a statement titled: CBN’s directive: Submission of Customer Account Details to ICAD.
NIBSS said the CBN released a circular in 2019, directing all Deposit Money Banks, Microfinance Banks and Others, to forward customers account details in specified format to the Nigeria Inter-Bank Settlement NIBSS, with a view to maintaining an Industry Customer Account Database ICAD.
According to NIBSS, all regulated financial institutions were 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.
NIBSS highlighted the benefits of carrying out the CBN’s directives, saying it would improve the industry through the Know Your Customer KYC, as well as data accuracy and integrity, which would improve regulatory compliance and monitoring, while promoting industry fraud detection and prevention;
It added that the process would improve the Global Standing Instruction GSI service which supports loan recovery process.
