CBN to stop watch-listed BVN customers from Banking Services


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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