The decision was made after a motion, sponsored by nine members, was put forward.
The CBN recently issued its Customer Due Diligence Regulations for 2023, highlighting that the inclusion of social media handles in the “Know Your Customer” process would enhance compliance with anti-money laundering and counter-terrorism financing measures.
However, concerns were raised by the House regarding the potential exclusion of Nigerians who do not use social media platforms and have significant business turnovers from the formal banking system.
