BVN: Join Protests, Risk Suspension, PAP Warns Amnesty Delegates News
He reiterated further that any breach of the act would incur serious sanctions and penalty on the part of any affected ex-agitator.It will be recalled that the Central Bank of Nigeria, in collaboration with the Bankers’ Committee, deployed a centralised Bank Verification Number System in February 2014.
This was part of the overall strategy of ensuring the effectiveness of Know Your Customer principles, in a bid to promote a safe, reliable and efficient payment system which gives each customer in the Nigerian banking industry a unique identifier number.
The BVN system is to address increasing incidence of frauds and to enhance public confidence in the banking industry. This Framework, without prejudice to existing laws, is a guide for the operations of the Watch-list in the Financial System. The Watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches, as defined within the framework.
The objectives of the Regulatory Framework for BVN and Watch-list Operations in Nigeria are to define roles and responsibilities of participants in the BVN system, define Bank Verification Number operations in Nigeria, define sanction regime for breaches in BVN operations; andvi.Deter fraud incidents in the Nigerian Banking Industry, define access, usage and management of the BVN system.
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