The Central Bank of Nigeria (CBN) is reportedly moving towards eliminating the long-standing requirement for bank referees when opening current accounts.
Traditionally, applicants had to provide referees, often strangers to verify their identity, a practice dating back to when banks relied on handwritten forms and personal trust.
In the past, referees served as basic assurance of identity in a system with weak records and limited verification tools.
Today, modern digital infrastructure such as BVN, NIN, SIM registration, corporate records, and open banking enables banks to accurately verify identities, monitor transactions, and assess risks without the need for personal references.
Most account holders already maintain savings or corporate accounts, making their financial histories fully traceable and verifiable.
Also, experts note that the referee requirement now adds unnecessary friction, particularly for diaspora Nigerians, foreign investors, and companies with verifiable documentation.
Digital banks in Nigeria have already demonstrated that accounts can be safely managed without referees, using real-time monitoring, geolocation, and advanced analytics to mitigate risks.
People Also Read: FCCPC Slashes Digital Lenders To 5 Apps Before Jan Deadline
Financial experts argue that phasing out the referee system would modernise banking operations, improve access, and align Nigeria’s financial sector with global best practices.
