The Nigeria Inter-Bank Settlement System (NIBSS) has issued a reminder to banks and financial institutions to submit their customers’ account details to the Industry Customer Account Database (ICAD). This reminder is based on a circular issued by the Central Bank of Nigeria (CBN) in January 2019, directing all commercial and microfinance banks to forward customer account details to NIBSS.
NIBSS emphasized that all regulated financial institutions are required to update ICAD with their customers’ account information within 24 hours of account creation or modification. This can be done through the ICAD API service or portal.
The benefits of complying with the CBN’s directive include:
Improved Know Your Customer (KYC) processes
Enhanced industry data accuracy and integrity
Better regulatory compliance and monitoring
Improved fraud detection and prevention
Enhanced Global Standing Instruction (GSI) service for loan recovery
NIBSS also provided guidelines for handling cases where customers lack BVN or NIN, emphasizing the importance of accurate data submission to ICAD.
