CBN to stop watch-listed BVN customers from Banking Services

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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

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