The Central Bank of Nigeria (CBN), on Wednesday, spelt out sanctions and punishment for breaches on Bank Verification Number (BVN) by customers and other stakeholders.
This is contained in a revised Regulatory Framework for BVN Operations and Watchlist for the Nigerian Banking Industry.
Under the new framework, no new account/wallet (except Tier 1) shall be allowed to operate without BVN (except inflows).
However, any account/wallet (except Tier 1) without BVN shall be closed within 30 days, the CBN said.
Timeline for the resolution of BVN issues shall be 5 working days from the date the customer submits all the required documents; and following corrections/updating of details, the customer…
Source: Nigerian Tribune