2014-09-18 | BPS/DIR/GEN/CIR/02/033

Circular on the Acceleration of Bank Verification Number Project

The Central Bank of Nigeria (CBN) has mandated all deposit money banks to implement the Bank Verification Number (BVN) project by stipulating milestones for its implementation. By March 2015, only customers with a BVN will be allowed for transactions valued at N100 million or above, such as money transfers and loans. In addition, by June 2015, all bank customers should have a BVN. The CBN also requires banks to submit weekly returns on customer account statuses to the Nigeria Inter-Bank Settlement System (NIBSS). Compliance with these requirements will be monitored and non-compliant entities will face sanctions.

Nigeria

Central Bank of Nigeria

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