The task for the public sector bank in the early years was therefore not so much to market a new product but to bring about a fundamental change in the cultural mind-set and attitudes. More importantly, making the merchant establishments accept credit cards for payment of goods and services was not an easy task either.
The amendment has imposed immense disclosure and reporting obligations on the financial institutions in their dealings with their customers. In addition, the power of the Governor of the CBN to deal squarely with financial institutions that harbour or encourage money launderers has been enhanced by the recent amendment to the Money Laundering Act. I thank you for listening. 6  BIS Review 25/2003