2014-09-19 | BPS/DIR/GEN/CIR/01/013

Circular on the Acceleration of Bank Verification Number Project

The Central Bank of Nigeria has launched the Bank Verification Number (BVN) Project in 2014, a major initiative to enhance the nation's payment system. By March 2015, transactions over N100 million should only be conducted for customers with BVN; by June 2015, all bank customers must have a BVN, and those without it would be considered inadequately KYC compliant. Deposit Money Banks are required to enroll their clients for the BVN and submit weekly account status reports to NIBSS, with CBN monitoring compliance and imposing sanctions on defaulters.

Nigeria

Central Bank of Nigeria

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