Non-complying clients risk ban from banking


Central Bank of Nigeria

from HENRY IFEANYI in Lagos, Nigeria
LAGOS – THE Central Bank of Nigeria (CBN) said customers that failed to register during the ongoing bank customers’ identification scheme would be barred from undertaking any banking transactions from next year.

The apex bank, in a statement, said the directive would take effect on March, as part of efforts to develop a safe, reliable and efficient payment system in the country.

The CBN, in collaboration with the Bankers’ Committee, had in February this year inaugurated the biometric registration exercise aimed at proper identification of all bank customers across the country.

It said the exercise would lead to the issuance of Bank Verification Number to every customer. The BVN is a unique identity that will help to mitigate frauds, money laundering and other illegal acts.

In the circular, which was signed by the Director of Banking and Payment System, CBN, Dipo Fatokun, the central bank said all bank customers should have had the BVN early next year.

The circular read, “The CBN has observed the progress made so far in the implementation of the BVN project.

In order to increase the tempo of the enrolment by the DMB customers in the BVN and to start the enormous benefits of the project, it is imperative to stipulate milestones for the implementation.

“All stakeholders are hereby advised to note and implement the following; that by March 2015, transactions valued at N100 million and above should only be allowed for customers with the BVN; (this includes, but not limited to money transfers, loans, contingencies etc.); that by June, all bank customers should have the BVN. Any bank customer without the BVN will be deemed to have inadequate Know Your Customer.”

– CAJ News





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Posted by on Sep 22 2014. Filed under Featured, Finance, Finance & Banking. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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