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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.
The new framework advises banks to deny customers with BVN on the watch-list from accessing credit facilities amongst other things.
The CBN watch-list contains BVN records of individuals that have breached regulations outlined within the CBN framework.
Banks in Nigeria use the BVN to facilitate the know your customers’ principles, KYC ordered by the apex bank.
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The CBN gave further details on the linking of customers’ BVN to all related accounts/wallets (except Tier 1).
It warns that “no new account/wallet (except Tier 1) shall be allowed to operate without BVN (except inflows).”
More so, banks will close any account/wallet (except Tier 1) without BVN within 30 days, the statement said.
The CBN has an arrangement for delisting from the BVN watch list. Individuals can make “formal requests for delisting through the initiating participant.”
