Section 37: Duties of financial institutions (As amended by section 8 of the Cybercrimes (Prohibition, Prevention, etc.) Act, 2024)

1 A financial institution shall-
a verify the identity of its customers carrying out electronic financial transactions by requiring the customers to present National Identification Number issued by the National Identity Management Commission and other valid documents bearing their names, addresses and other relevant information before issuance of ATM cards, credit cards, debit cards and other related electronic devices; and
b apply the principle of know your customer in documentation of customers preceding execution of customers electronic transfer, payment, debit and issuance orders.

2 An official or organization who fails to obtain proper identity of customers before executing customer electronic instructions in whatever way, commits an offence and is liable on conviction to a fine of =N5,000,000.00.

3 A financial institution that makes an unauthorised debit on a customers account shall, upon written notification by the customer, provide clear legal authorisation for such debit to the customer or reverse such debit within 72 hours and any financial institution that fails to reverse such debit within 72 hours, commits an offence and is liable on conviction to restitution of the debit and a fine of =N5,000,000.00.