2016-02-25 | BPS/DIR/GEN/CIR/16/003

Clarification on Accounts with BVN Related Issues

The Central Bank of Nigeria issued a circular stating that bank customers without a BVN would be deemed to have inadequate KYC as of November 1, 2015. The Bank clarified that resident accounts without a BVN would be operated as "no customer-initiated debit" accounts. Due to discrepancies between the BVN database and core banking applications, some customers couldn't link their BVNs to their accounts. The CBN issued clarifications regarding corrections to date of birth, name changes due to marriage or misspelling, and consistent use of the customer's name across all accounts.

Nigeria

Central Bank of Nigeria

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