The Minister of Finance, Mrs. Kemi Adeosun, has urged the Central Bank of Nigeria (CBN) to extend Bank Verification Number (BVN) requirement to account holders in Microfinance Banks (MFBs).

She said this would facilitate the detection of bank accounts which might have been opened and operated in such banks by ghost workers and other syndicates.

A statement by the ministry’s Director of Information, Mr. Salisu Dambatta in Abuja on Monday, said Adeosun had written to the CBN Governor, Mr. Godwin Emefiele, to make her case.

The minister said that the introduction of BVN by the CBN had contributed immensely in improving the integrity of the Federal Government payroll on which more than 50,000 ghost workers were detected and removed.

She said that operating bank accounts in Microfinance Banks without requirement for BVN had left a huge loophole which individuals with intent on financial crimes could use to hide and launder proceeds of crime and successfully escape detection by law enforcement agencies.

Adeosun referred the CBN governor to the discovery that prior to the deadline for obtaining the BVN, there had been movement of a large number of salary accounts of federal employees from commercial banks to microfinance banks.

“This is a suspicious activity and we have already commenced a review of such cases to identify and investigate any cases of fraud.

“We know that extending the requirement for BVN to Microfinance Banks may put a huge financial strain on the smaller Microfinance Banks; however, some MFBs such as National Police Force Microfinance (NPF), have over 27,000 salary accounts.

“Our inability to perform checks on such a large number of salary earners is a key risk.

“I am therefore seeking your cooperation to enforce compliance with BVN on any MFB with over 200 active salary accounts or those above a certain size.

“This will support the Federal Government’s efforts at reducing leakages to create headroom for the capital projects that will support the growth of the economy,” she said.

The CBN had, in September 2016, announced its intention to extend the requirement for the extension of the BVN to MFBs in the country, but the exercise had not taken off.

yourexcellency:
If Buhari is serious about moving Nigeria out of recession, she should send this young lady parking and the bald-headed Godwin

NNVanguard:
These are not policy statements from a finance minister. Any dick and harry can say such. They should better come up with impactful economic policies. We are in dire need of such.

yourexcellency:
If Buhari is serious about moving Nigeria out of recession, she should send this young lady parking and the eagle-headed Godwin

jaxxy:
Something that shud hv been done since. This lady has nothing really to offer on this federal level. We barely hear anything innovative from her and we she now talks its basic and elementary. Next!

NNVanguard:
These are not policy statements from a finance minister. Any dick and harry can say such. They should better come up with impactful economic policies. We are in dire need of such.

Maxcollins042:

What do you have to offer?

jaxxy:


Pls dont get me wrong im not saying she hasn't tried bt even at our daily work/biz we are given targets bu our employers or ourselves and even if we dont met them there are levels of expectation. Madam kemi as much as i hv nothing against her has met them based on the necessary parameters unless we want to be sentimental. Then fine!

South Africa changed their finance minister 3 times in the space of a year due to performance levels not being met even with their economy way beta than ours. Thats being realistic... Cbn Gov also shud go!

kolexy:


So what's the job of the CBN governor?