CBN issued directive that BVN violators would be sanctioned

The Central Bank of Nigeria has established in its revised regulatory framework for Bank Verification Number operations that violators will be sanctioned.

 

This was made known in a circular titled “Issuance of the revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry”, and addressed to all deposit money banks, mobile money operators, super agents and payment service providers.

 

The circular listed watch-list stakeholders to include the CBN, Nigeria Inter-Bank Settlement System (NIBSS), banks, other financial institutions and bank customers.

Part of the circular stated that “The following infractions by participants shall attract appropriate penalties:

 

“Misuse of the BVN watch-listing process for victimisation; improper linking of accounts/wallets (except Tier 1); and other infraction(s), as may be determined by the CBN.”

 

The CBN said it would ensure all operated accounts/wallets (except Tier 1) (including accounts/wallets (except Tier 1) opened through agents) were linked with the signatories’ BVNs within 24 hours of NIBSS making BVN available.

 

It added that operators must “enrol all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework;