2017-10-18 | BPS/DIR/GEN/CIR/04/010

Regulatory Framework for BVN Operations & Watch-List for the Nigerian Financial System

The Central Bank of Nigeria (CBN) has released a regulatory framework for Bank Verification Number (BVN) operations and a watch-list for the Nigerian banking industry to enhance security and reduce fraud. The framework defines the roles and operations of the BVN and watch-list, with the BVN giving each bank customer a unique identity. The watch-list is a database of customers involved in confirmed fraud, with penalties including restrictions on account operations and access to credit facilities. The CBN will oversee the process, with Nigeria Inter-Bank Settlement System maintaining the watch-list database.

Nigeria

Central Bank of Nigeria

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