Contractual Nature of Banking Relationships (You and Your Bank Account Series - Video 01)
This video examines Banking Contracts with focus on the duties of Financial Institutions in Nigeria regarding unauthorized withdrawals and the KYC (Know-Your-Customer) Due Diligence requirements imposed on bank accounts under the Central Bank of Nigeria (CBN) Anti-Money Laundering & Combating Financing of Terrorism in Banks & Other Financial Institutions Regulation (2013) and the Cybercrimes (Prohibition, Prevention, etc.) Act (2015). This video also exposes the viewer to a basic differentiation between oral and written contracts, highlights seven (7) types of Financial Institutions in Nigeria, and explains the necessity for regular mandates, available funds for debit or credit transactions on demand deposit accounts, and digital banking products. Timestamps 00.00 Introduction & Preamble 01.20 Banking Relationship 03.06 Oral and Written Contracts 06.58 Basic Banking Contracts 07.56 Condition 1 KYC Verification 09.35 Condition 2 Regular Mandate 10.42 Condition 3 Available Funds 12.31 Condition 4 Business Hours 14.28 Other Banking Contracts 15.03 Recap & References Relevant links for further reading - EFInA, “Access to Financial Services in Nigeria 2020 Survey” (June, 2021) at https://www.efina.org.ng/our-work/research/access/ - CBN Circulars No. FPR/DIR/CIR/GEN/01/001 (January, 2013) and No. FPR/DIR/CIR/GEN/06/002 (July, 2016) both at https://www.cbn.gov.ng/ (visited in August, 2021)
This video examines Banking Contracts with focus on the duties of Financial Institutions in Nigeria regarding unauthorized withdrawals and the KYC (Know-Your-Customer) Due Diligence requirements imposed on bank accounts under the Central Bank of Nigeria (CBN) Anti-Money Laundering & Combating Financing of Terrorism in Banks & Other Financial Institutions Regulation (2013) and the Cybercrimes (Prohibition, Prevention, etc.) Act (2015). This video also exposes the viewer to a basic differentiation between oral and written contracts, highlights seven (7) types of Financial Institutions in Nigeria, and explains the necessity for regular mandates, available funds for debit or credit transactions on demand deposit accounts, and digital banking products. Timestamps 00.00 Introduction & Preamble 01.20 Banking Relationship 03.06 Oral and Written Contracts 06.58 Basic Banking Contracts 07.56 Condition 1 KYC Verification 09.35 Condition 2 Regular Mandate 10.42 Condition 3 Available Funds 12.31 Condition 4 Business Hours 14.28 Other Banking Contracts 15.03 Recap & References Relevant links for further reading - EFInA, “Access to Financial Services in Nigeria 2020 Survey” (June, 2021) at https://www.efina.org.ng/our-work/research/access/ - CBN Circulars No. FPR/DIR/CIR/GEN/01/001 (January, 2013) and No. FPR/DIR/CIR/GEN/06/002 (July, 2016) both at https://www.cbn.gov.ng/ (visited in August, 2021)