CBN instructs banks to allow travel documents, refugee ID for transactions

The Federal Government of Nigeria’s plan to borrow unclaimed dividend and funds in the dormant accounts of Deposit Money Bank.

The Central Bank of Nigeria (CBN) on Thursday gave a directive to deposit money banks and Other Financial Institutions (OFIs) to accept Machine Readable Travel Documents (MRCTD) and Refugee Identification Card, as means of identification for bank transactions.

This followed the challenges encountered by refugees and asylum seekers concerning means of identification during financial transactions.

Analysts said allowing refugees identification cards for transactions would enhance financial inclusion.

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A circular signed by Kevin Amugo, Director, Finance Policy Regulation Department, referred all banks and OFIs to the provisions of the CBN AML/CFT Regulations 2013 (as amended) on customer due diligence.

The CBN noted that the MRCTD issued by the Nigeria Immigration Services; and the Refugee Identity Card issued by the National Commission for Refugee, Migrants and Internally Displaced Persons, are adequate means of identification for banking transactions.

Banks and other financial institutions are also required to continue to ensure that effective customer due diligence policies and procedures are implemented to combat money laundering, financing of terrorists, as well as the proliferation of weapons of mass destruction the CBN stated.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.