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How You Could Lose Access To Your Money In Nigerian Banks - Business - Nairaland

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How You Could Lose Access To Your Money In Nigerian Banks by Opinionated: 1:05pm On Jan 04, 2018
The fight against corruption in Nigeria is becoming more systematic and quite a few bank customers could be caught in it inadvertently.

The recent Central Bank of Nigeria (CBN) regulatory framework for Bank Verification Number (BVN) operations and watchlist for the Nigerian banking industry mandates financial institutions to apply restrictions on accounts and BVNs associated with fraudulent activities.

As a result banks and other financial institutions have been mandated to report such activities to law enforcement agencies. Some banks have started updating their terms and conditions for opening and using accounts with them to reflect these changes and give them legal cover should they need to take action against some customers.

It is also possible to lose access to multiple accounts in different banks based on one of your accounts being frozen or flagged for fraud. The BVN simply links the other accounts to fraud and you may be liable to lose access to them.

While some parts of the regulations are not new, the effect of the new directive is that you could lose access to your account and your money based on the suspicion of fraud, not necessarily with concrete evidence. Therefore you need to be a lot more careful about your banking transactions and how you conduct business to avoid being negatively affected by the new regulations.



Source: http://www.opinions.ng/lose-access-money-nigerian-banks/

4 Likes 2 Shares

Re: How You Could Lose Access To Your Money In Nigerian Banks by FrontPageLawyer(m): 3:01pm On Jan 04, 2018
Noted
Re: How You Could Lose Access To Your Money In Nigerian Banks by agarawu23(m): 3:01pm On Jan 04, 2018
only fraudsters will panic.

10 Likes

Re: How You Could Lose Access To Your Money In Nigerian Banks by thesolutions(m): 3:01pm On Jan 04, 2018
I Received this message from my bank sometime last year. I did a lot of foreign transaction in 2016 that made them block my ATM card. I had to apply for another one. Luckily for me, I was in Nigeria when this happened. I would have been stranded over there.

2 Likes

Re: How You Could Lose Access To Your Money In Nigerian Banks by LilSmith55(m): 3:01pm On Jan 04, 2018
Ok
Re: How You Could Lose Access To Your Money In Nigerian Banks by Diction10nairal: 3:02pm On Jan 04, 2018
Lawd Let me be FTC



Let me goan put all my money inside koloo ( ask a Yoruba person)

1 Like

Re: How You Could Lose Access To Your Money In Nigerian Banks by Pomlord(m): 3:03pm On Jan 04, 2018
This is serious
Re: How You Could Lose Access To Your Money In Nigerian Banks by ednut1(m): 3:03pm On Jan 04, 2018
Bros epp me withdraw i will transfer to u. Once u hear dat abeg flee

8 Likes

Re: How You Could Lose Access To Your Money In Nigerian Banks by miikyphil(m): 3:04pm On Jan 04, 2018
where the money dey? #hiss
Re: How You Could Lose Access To Your Money In Nigerian Banks by BORNTOSUCKPUSSY: 3:05pm On Jan 04, 2018
G boys still get ways.....steady cash out...day in day out....I no be G boy oooo b4 all this mumu broke nl boys begin pm me undecided
Re: How You Could Lose Access To Your Money In Nigerian Banks by MasterRahl(m): 3:06pm On Jan 04, 2018
agarawu23:
only fraudsters will panic.
Indeed!
Re: How You Could Lose Access To Your Money In Nigerian Banks by danz06: 3:08pm On Jan 04, 2018
The world is coming to an End
Re: How You Could Lose Access To Your Money In Nigerian Banks by Nackzy: 3:08pm On Jan 04, 2018
Contact me for details on how to safe Money without loosing it to any financial institution or government agencies...

1 Like

Re: How You Could Lose Access To Your Money In Nigerian Banks by rhames: 3:08pm On Jan 04, 2018
Opinionated:



The fight against corruption in Nigeria is becoming more systematic and quite a few bank customers could be caught in it inadvertently.

The recent Central Bank of Nigeria (CBN) regulatory framework for Bank Verification Number (BVN) operations and watchlist for the Nigerian banking industry mandates financial institutions to apply restrictions on accounts and BVNs associated with fraudulent activities.

As a result banks and other financial institutions have been mandated to report such activities to law enforcement agencies. Some banks have started updating their terms and conditions for opening and using accounts with them to reflect these changes and give them legal cover should they need to take action against some customers.

It is also possible to lose access to multiple accounts in different banks based on one of your accounts being frozen or flagged for fraud. The BVN simply links the other accounts to fraud and you may be liable to lose access to them.

While some parts of the regulations are not new, the effect of the new directive is that you could lose access to your account and your money based on the suspicion of fraud, not necessarily with concrete evidence. Therefore you need to be a lot more careful about your banking transactions and how you conduct business to avoid being negatively affected by the new regulations.



Source: http://www.opinions.ng/lose-access-money-nigerian-banks/

are the banks not the biggest centres of fraud in the first place? Why should a write up like this care me in the first place? On how many occasions have your monies been reversed when uncashed from the ATM? If so how many days weeks or months did it take you to do that? Seventy seven per cent of Nigerians dont patronise banks because of these fraudulent charges. More pain to an already bad sore is the cash handling charges introduced and backed by a recalcitrant Central Bank which is not considering the economic plight of the citizens.

Its better to yank this story or write up off this front page. This is new year and Nigerians want good news abeg not these moin-mojn-news.

7 Likes 1 Share

Re: How You Could Lose Access To Your Money In Nigerian Banks by Nobody: 3:11pm On Jan 04, 2018
I'm not bothered. I bank with GTBank, SkyeBank, FCMB, Union and Wema(ALAT).





How much even dey all d bank account sef? grin if dem like make dem close all of dem, my piggybank at home serves me well...

For those that know my house, my piggybank is NOT under my bed ooo, i am told not to disclose where it is for safety reasons

6 Likes

Re: How You Could Lose Access To Your Money In Nigerian Banks by ssogundele(m): 3:12pm On Jan 04, 2018
Nigerians have been losing money to the Nigerian banks from time immemorial!
Re: How You Could Lose Access To Your Money In Nigerian Banks by Martin0(m): 3:15pm On Jan 04, 2018
When I heard mobile I thought of something like a customised car toilet or bus,truck!

This is supposed to be called stationed toilet!

I doubt that toilet is mobile!

1 Like

Re: How You Could Lose Access To Your Money In Nigerian Banks by Firstcitizen: 3:20pm On Jan 04, 2018
Martin0:


When I heard mobile I thought of something like a customised car toilet or bus,truck!

This is supposed to be called stationed toilet!

I doubt that toilet is mobile!

Hope all is well? Wetin concern toilet for this thread.

Say no to Weed grin

8 Likes

Re: How You Could Lose Access To Your Money In Nigerian Banks by OkunrinMeta: 3:21pm On Jan 04, 2018
folakemigeh:
I'm not bothered. I bank with GTBank, SkyeBank, FCMB, Union and Wema(ALAT).





How much even dey all d bank account sef? grin if dem like make dem close all of dem, my piggybank at home serves me well...

For those that know my house, my piggybank is NOT under my bed ooo, i am told not to disclose where it is for safety reasons

Where do you live?
Re: How You Could Lose Access To Your Money In Nigerian Banks by DAVE41(m): 3:27pm On Jan 04, 2018
Don't worry. I'd be saving my money at home

#nothinglosss
Re: How You Could Lose Access To Your Money In Nigerian Banks by Martin0(m): 3:29pm On Jan 04, 2018
Firstcitizen:

Hope all is well? Wetin concern toilet for this tread.
Say no to Weed grin

Hian I nor even look were I dey comment to sef!
Na wa oo!

1 Like

Re: How You Could Lose Access To Your Money In Nigerian Banks by Firstcitizen: 3:32pm On Jan 04, 2018
Martin0:



Hian I nor even look were I dey comment to sef!

Na wa oo!

I know. E don happen to me b4. I modify am sharp sharp grin grin grin
Re: How You Could Lose Access To Your Money In Nigerian Banks by joepentwo(m): 3:38pm On Jan 04, 2018
it really painful😩😩

Re: How You Could Lose Access To Your Money In Nigerian Banks by lezz(m): 3:43pm On Jan 04, 2018
rhames:


are the banks not the biggest centres of fraud in the first place? Why should a write up like this care me in the first place? On how many occasions have your monies been reversed when uncashed from the ATM? If so how many days weeks or months did it take you to do that? Seventy seven per cent of Nigerians dont patronise banks because of these fraudulent charges. More pain to an already bad sore is the cash handling charges introduced and backed by a recalcitrant Central Bank which is not considering the economic plight of the citizens.

Its better to yank this story or write up off this front page. This is new year and Nigerians want good news abeg not these moin-mojn-news.
Same blind CBN are vigorously pursuing cashless policy and at same time discouraging people from banking with this uncertain policy where any thief or bank official can flag red your account on the flimsiest excuses.

2 Likes

Re: How You Could Lose Access To Your Money In Nigerian Banks by rhames: 4:03pm On Jan 04, 2018
lezz:
Same blind CBN are vigorously pursuing cashless policy and at same time discouraging people from banking with this uncertain policy where any thief or bank official can flag red your account on the flimsiest excuses.

The man GEJ brought to destroy the CBN is still there. Until we bring in another Soludo to come and clense the system again before we can have any sanity in the Nigerian banking system.
Re: How You Could Lose Access To Your Money In Nigerian Banks by Nobody: 4:14pm On Jan 04, 2018
Okay... thanks. smiley
Re: How You Could Lose Access To Your Money In Nigerian Banks by Xisnin(m): 4:23pm On Jan 04, 2018
Great news. Freezing fraudsters account is long overdue.
Re: How You Could Lose Access To Your Money In Nigerian Banks by Xisnin(m): 4:24pm On Jan 04, 2018
rhames:


are the banks not the biggest centres of fraud in the first place? Why should a write up like this care me in the first place? On how many occasions have your monies been reversed when uncashed from the ATM? If so how many days weeks or months did it take you to do that? Seventy seven per cent of Nigerians dont patronise banks because of these fraudulent charges. More pain to an already bad sore is the cash handling charges introduced and backed by a recalcitrant Central Bank which is not considering the economic plight of the citizens.

Its better to yank this story or write up off this front page. This is new year and Nigerians want good news abeg not these moin-mojn-news.

rhames:


The man GEJ brought to destroy the CBN is still there. Until we bring in another Soludo to come and clense the system again before we can have any sanity in the Nigerian banking system.

You write an illiterate or a beneficiary of fraud.
Re: How You Could Lose Access To Your Money In Nigerian Banks by Martin0(m): 4:25pm On Jan 04, 2018
Firstcitizen:

I know. E don happen to me b4. I modify am sharp sharp grin grin grin
No so na,e nor get who dey above mistakes!
Re: How You Could Lose Access To Your Money In Nigerian Banks by Martin0(m): 4:26pm On Jan 04, 2018
Firstcitizen:

I know. E don happen to me b4. I modify am sharp sharp grin grin grin
Firstcitizen:

I know. E don happen to me b4. I modify am sharp sharp grin grin grin
No so na,e nor get who dey above mistakes!
Re: How You Could Lose Access To Your Money In Nigerian Banks by Themandator: 4:28pm On Jan 04, 2018
Where is the new regulations in the article?

From the day Jonathan government introduced BVN it intentions and capacity was kmown, hence the reason every individual has just one with your finger print attached

Opinionated:



The fight against corruption in Nigeria is becoming more systematic and quite a few bank customers could be caught in it inadvertently.

The recent Central Bank of Nigeria (CBN) regulatory framework for Bank Verification Number (BVN) operations and watchlist for the Nigerian banking industry mandates financial institutions to apply restrictions on accounts and BVNs associated with fraudulent activities.

As a result banks and other financial institutions have been mandated to report such activities to law enforcement agencies. Some banks have started updating their terms and conditions for opening and using accounts with them to reflect these changes and give them legal cover should they need to take action against some customers.

It is also possible to lose access to multiple accounts in different banks based on one of your accounts being frozen or flagged for fraud. The BVN simply links the other accounts to fraud and you may be liable to lose access to them.

While some parts of the regulations are not new, the effect of the new directive is that you could lose access to your account and your money based on the suspicion of fraud, not necessarily with concrete evidence. Therefore you need to be a lot more careful about your banking transactions and how you conduct business to avoid being negatively affected by the new regulations.



Source: http://www.opinions.ng/lose-access-money-nigerian-banks/
Re: How You Could Lose Access To Your Money In Nigerian Banks by rhames: 4:29pm On Jan 04, 2018
Xisnin:




You write an illiterate or a beneficiary of fraud.

Thanks for calling me an illiterate but tell me one policy under this CBN governor that has been friendly?


Loans to farmers are still at double digit?

The interest rate has not dropped since he came into the CBN as governor?

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