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BREAKING:CBN Bars BVN Violators From Opening Bank Accounts

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The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has banned BVN Violators from opening another ledgers passing by its new guideline.



The new approach is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) tasks and Watch-List for the financial business delivered by the peak bank in its Update Report round.

As per the peak bank, the new system has been intended to upgrade the viability of client due persistence and Know Your Customer (KYC) processes.

it accordingly depicted the arrangement as a component of its general methodology for advancing a protected and effective banking and installment framework.



In the round, the Director, Payments System Management Department, Musa Jimoh, clarified that the watch-list is a data set of clients recognized by their BVNs, who have been engaged with affirmed instances of breaks.

He clarified that under the new system, breaks with respect to client could see the individual getting banned from entering another relationship with any member (banks).

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