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In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC - Business - Nairaland

Nairaland Forum / Nairaland / General / Business / In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC (472 Views)

CBN Bars Crypto Bank Account Operators From Cash Withdrawal / CBN Bars Agents From Using Pos Terminals For Transactions / Sterling Bank Staff Open Accounts Using Customers Names Linked With BVN For Loan (2) (3) (4)

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In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC by sleeksavbvy: 10:26pm On Apr 09, 2021


The Central Bank of Nigeria (CBN) has reportedly barred fintech companies and other non-bank financial institutions in Nigeria from providing the Bank Verification Number (BVN) validation service.

This was disclosed in an email Paystack sent to its customers. The fintech firm said, “We’ve recently been made aware of a regulatory directive from the primary custodian of Nigeria’s BVN service to all their partners to suspend...

Continue here: https://www.techawkng.com/2021/04/09/in-another-regulatory-clampdown-cbn-bars-fintechs-from-using-bvn-for-kyc/
Re: In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC by MajesticKris: 10:58pm On Apr 09, 2021
Nigeria and MTN be like 5&6 grin....
Re: In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC by motymop: 11:13pm On Apr 09, 2021
Loan apps can't have access to your information and can't deduct money from your bank accounts
Re: In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC by Vaughanlanrewaj: 1:44am On Apr 10, 2021
sleeksavbvy:


The Central Bank of Nigeria (CBN) has reportedly barred fintech companies and other non-bank financial institutions in Nigeria from providing the Bank Verification Number (BVN) validation service.

This was disclosed in an email Paystack sent to its customers. The fintech firm said, “We’ve recently been made aware of a regulatory directive from the primary custodian of Nigeria’s BVN service to all their partners to suspend...

Continue here: https://www.techawkng.com/2021/04/09/in-another-regulatory-clampdown-cbn-bars-fintechs-from-using-bvn-for-kyc/

These rules have been there before. I just don't get why CBN allowed them to flout the rules in the first place knowing that the weak supervision can make these fintechs conduits for money launderers and those funding terrorists.
Re: In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC by neutralmind: 6:58am On Apr 10, 2021
Okay
Re: In Another Regulatory Clampdown, CBN Bars Fintechs From Using BVN For KYC by paddyDIGITAL(m): 7:12am On Apr 10, 2021
CBN is right on this.

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