2014-09-19 | BPS/DIR/GEN/CIR/013

Circular on the Acceleration of Bank Verification Number Project

The Central Bank of Nigeria, in collaboration with the Bankers' Committee, has implemented the Bank Verification Number (BVN) project to improve the Nigerian payments system. By March 2015, transactions valued at N100 million and above must only be allowed for customers with a BVN. All bank customers should have the BVN by June 2015, otherwise they will be considered to have inadequate Know Your Customer (KYC) information. The Central Bank of Nigeria will monitor compliance and sanction defaulters accordingly.

Nigeria

Central Bank of Nigeria

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