News Update

CBN revise BVN rule: Central Bank of Nigeria don drop revised directive on BVN use

CBN governor Godwin Emefiele

Central Bank of Nigeria say any pesin wey forge documents for banking transactions fit no access ATMs and POS services.

CBN announce dis for di revised regulatory framewok for Bank Verification Number on Wednesday October 13, 2021.

Di Central Bank of Nigeria draw ear give pipo say if you use forged document, use fake information or collect fraudulent money, dem go add you inside watch-list with di use of your Bank Verification Number.

Dis mean say dem fit block you to access all electronic channels wey include ATM, OS, Internet Banking, Mobile Banking, USSD and issuing of third party cheques for your current bank and prevent you to open new account.

This part of the CBN drive to promote financial system stability as dem drop dia revised regulatory framework for Bank Verification Number and Watch-list for the Nigerian Banking Industry.

For communiqué wey dem release, di CBN say the framework is to boost "know your customer" processes.

Them establish the Watchlist with customer BVN for pipo wey go against the framework.

Some of the oda breaches wey fit use your account do anytin oda than to collect money 

• If Pesin no provide do right biometrics and information. Or if you no report if your biometrics don change, like if you lose your finger.
• If you no report any strange activities wey dey happun for your account give your bank.
• If dem catch you say oyu go against AML/CFT laws

For customers wey the Watchlist dia punshment go get grade.

If di breach bin no involve money, you fit chop your punishment for up to five years while if e involve money or you don enta Wathlist many times, you fit chop your punishment for ten years.

Under di revised framework, banks get one day afta, dien confam say di customer don die to tel NIBSS son dem go mark am as DECEASED.