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CBN to sanction BVN violators



THE Central Bank of Nigeria (CBN) has issued a revised regulatory framework for bank verification number (BVN) operations and a watchlist for the Nigerian banking industry that would sanction violators.

  This was disclosed in a circular titled, “Issuance of revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry”, and addressed to all deposit money banks, mobile money operators, super agents and payment service providers.

  The circular listed watch-list stakeholders to include the CBN, Nigeria Inter-Bank Settlement System (NIBSS), banks, other financial institutions and bank customers.

  Under the new framework, CBN said no new account/wallet (except Tier 1) shall be allowed to operate without BVN (except inflows) while any account/wallet (except Tier 1) without BVN shall be closed within 30 days. 

  For customers who breach the BVN regulations and subsequently placed on the watchlist, such persons or organisations shall not be allowed to enter a new relationship with any participant including banks and other financial services providers.

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