These crimes have thrived despite the mandatory linking of all bank accounts to the Bank Verification Number (BVN).
INVESTIGATION: Despite ban in several countries, ‘harmful’ weight gain product sold indiscriminately in NigeriaBlood on UniformsINVESTIGATION: Despite ban in several countries, ‘harmful’ weight gain product sold indiscriminately in NigeriaSports Features“When they announced that we had been kidnapped, at first, I was just laughing. I was busy looking for a hidden camera because I thought it was a prank.
“They asked me how much I had in my account. I told them, and they later asked me to start opening my bank accounts,” she said during a phone interview.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.Drawing from her experience as a bank worker, she attempted to lock herself out of her mobile app by intentionally entering the wrong password.
All these happen despite the mandatory linking of all bank accounts in Nigeria to the Bank Verification Number , a unique 11-digit identifier that links a person’s financial accounts to their biometric data. However, enforcing regulatory compliance has been a major challenge in the sector, particularly on the part of Payment Service Providers who own the POS devices.“As for how inclusivity is likely to evolve at the system level, NIP in Nigeria currently has the highest likelihood of reaching mature inclusivity in the future. It has integrated all use cases, including G2P and cross-border payments, the latter through integration with PAPSS.
“That also follows for any settlement, be it electronic or paper. The question is, if I transfer money to a bad player in a bank, then the bank should also be held liable if they are unable to produce the customer. “The problem is that some money goes through gaming and cryptocurrency platforms. If money is moving from bank to bank, it is easy to track. This is why regulation is important. There has to be interoperability among the regulators. Some even use the money to buy airtime.
Last month, the House of Representatives also took measures to address the problem following a motion moved by Idem Uyime.
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