CBN probes bank customers’ enrolment in BVN

The Central Bank of Nigeria (CBN) is probing banks’ enrollment of their customers in the Bank Verification (BVN) platform to ensure the integrity of the process, The Nation learnt yesterday.

The BVN gives a unique identity across the banking industry to each customer of Nigerian banks. But many banks are breaching the BVN enrolment process.

In some cases, customers BVNs are attached to wrong accounts due to improper validation. The practice, if not addressed, could present serious identity crisis in the financial system.

Besides, some banks are not submitting names of their customers identified through their BVNs to be involved in suspected fraudulent activities to the apex bank as required by regulation.

The Nation, November 23, 2018

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