Business

BREAKING: CBN Releases New Framework For BVN Operations

BREAKING: CBN Releases New Framework For BVN Operations

Information reaching Naija News House that CBN Releases New Framework For BVN Operations

The Central Bank of Nigeria (CBN) has stated in its revised regulatory framework for Bank Verification Number (BVN) operations that violators will be sanctioned.

This was disclosed in a circular titled Issuance of the revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry, and addressed to all 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 The following infractions by participants shall attract appropriate penalties:

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.

The CBN said it would ensure all operated accounts/wallets (except Tier 1) (including accounts/wallets (except Tier 1) opened through agents) were linked with the signatories BVNs within 24 hours of NIBSS making BVN available.

CBN Releases New Framework

It added that operators must enroll all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework;

Ensure that BVN details of all signatories, directors, and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1).

CBN Releases New Framework For BVN Operations

About the author

admin

Add Comment

Click here to post a comment

Your email address will not be published.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