Connect with us

Hi, what are you looking for?

E-Financial

CBN Asks Banks to Report Dead Customers’ BVN to NIBSS within 24hrs

Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report Bank Verification Number (BVN) of all dead customers to Nigeria Interbank Settlement System (NIBSS) within 24 hours of confirmation.

The banks are also expected to use the watch-list report submitted by participants and duly endorsed by the Managing Director/CEO of the Institution, with clearance from Musa Jimoh, director, Risk Management Department of CBN to delist the BVN from the watch-list.

The directive is contained in the revised BVN guideline issued by the apex bank and signed by its Director, Payment System Management.

“Report the BVNs of confirmed deceased customers to NIBSS for designation as “Deceased” on the BVN database within 24hrs of confirmation,” the circular said.

Jimoh said the CBN’s move aligned with the powers conferred on the regulator, under the Central Bank of Nigeria Act, 2007 (CBN Act), and the Banks and Other Financial Institutions Act (BOFIA) 2020.

The revised regulatory framework for BVN operations also stated that violators would be sanctioned.

The framework enhances effectiveness of customer due diligence and Know Your Customer processes as part of the strategy for promoting a safe and efficient banking and payment system.

In a circular entitled: “Issuance of revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry”, and addressed to deposit money banks, mobile money operators, super agents and payment service providers.

The circular listed watch-list stakeholders to include the CBN, Nigeria Inter-Bank Settlement System (NIBSS), banks, other financial institutions and bank customers.

Part of the circular stated that misuse of the BVN watch-listing process for victimisation; improper linking of accounts/wallets (except Tier 1); and other infraction(s), as may be determined by the CBN will attract sanctions.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

Seven families in France have launched legal proceedings against TikTok, accusing the social media platform of exposing their teenage children to harmful content, allegedly...

News

MTN Nigeria has received a “Media Capacity Development Support Award” for its immense contributions towards the growth and development of media practitioners across Nigeria....

News

Equatorial Guinea’s financial crime chief, Baltasar Ebang Engonga, head of the National Agency for Financial Investigation (ANIF), finds himself at the center of a...

Business

Konga, Nigeria’s leading e-commerce group, has officially kicked off its highly anticipated annual Konga Yakata Black Friday sale. Launched on Friday, November 1st, and...