Business

BVN defaulters denied online banking, ATM use

Published

9 years ago

November 3, 2015

In from Ali Smart . . .
For many who failed to enroll their Bank Verification Number (BVN) as advised by the Central Bank of Nigeria (CBN), the banks applied some sanctions on them on Monday including denying them online banking, and the use of the Automated Teller Machines (ATM) among other banking services.
It may be recalled that the registration exercise officially ended on October 31.
Speaking on the development, CBN Director of Communications, Ibrahim Mu’azu said those affected will have to enroll on the BVN network or risk not enjoying any banking services outright.
He however, hinted that the BVN registration will continue, but was quick to add that the affected customers will not be allowed to enjoy full banking services.
“BVN registration will continue but there will not be full banking services for defaulters. We told the banks to continue registration of customers that are yet to comply, but such customers cannot use ATM or enjoy internet banking services,” he said.

Data obtained on Monday from the Nigeria Interbank Settlement System (NIBSS) which handles the project, showed that 2,533,299 customers have so far enrolled on the BVN network and had their numbers linked to their accounts.
But the CBN said that given the tradition of multiple accounts holding by an average Nigerian, which could be conservatively estimated at about two or three per an account holder, therefore, it could be safely assumed that over 40 million accounts might have been enrolled to the BVN

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