The Central Bank of Nigeria (CBN) has stated in its revised regulatory framework for Bank Verification Number (BVN) operations that violators will be sanctioned.

This was disclosed in a circular titled Issuance of the revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry, and addressed to all deposit money banks, mobile money operators, super agents, and payment service providers.

The circular listed watch-list stakeholders to include the CBN, Nigeria Inter-Bank Settlement System (NIBSS), banks, other financial institutions and bank customers.

Part of the circular stated that The following infractions by participants shall attract appropriate penalties:

Misuse of the BVN watch-listing process for victimisation; improper linking of accounts/wallets (except Tier 1); and other infraction(s), as may be determined by the CBN.

The CBN said it would ensure all operated accounts/wallets (except Tier 1) (including accounts/wallets (except Tier 1) opened through agents) were linked with the signatories BVNs within 24 hours of NIBSS making BVN available.

It added that operators must enroll all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework;

Ensure that BVN details of all signatories, directors, and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1).

Keynotes From The CBN Circular
The CBN shall determine fees payable for accessing information from the BVN database.
BVN participants shall ensure that risk mitigation measures are in place to minimize operational risks. The BVN operations shall not be susceptible to sustained operational failures.

A Watch-List shall be maintained for the banking industry. The Watch-List contains BVN records of individuals that have been confirmed to be involved in breaches outlined within this Framework.

All aggrieved individuals whose BVNs were watch-listed shall make formal requests for delisting through the initiating participant. Only a participant that placed an individual's BVN on the Watch-list can request for delisting.

Any participant who fails to perform its stipulated responsibilities shall be penalized by the Central Bank of Nigeria.

SOURCE:https://brandspurng.com/2021/10/14/cbn-threatens-to-sanction-bvn-violators/

Nonsense violate what

Ok
The Lord is your strength

Every day, new threat from cbn

Damnnn niggar
Isoright

Ok

The end is near

Please beware

But there's no rapture

So they have dropped the e-naira digital currency launching.

Ok.

Mtcheew

Fix the nation. CBN has failed. BUHARI has failed. What is the plan for Nigeria Youths ? Failed leaders

Please an economist should explain what the post is about to us laymen.

Empty threat. Apex bank don't threaten, they act, no wonder we are where we are as a nation.

Please also investigate access bank because their thievery is beyond my understanding. How can they charge me card maintenance fee for an account that doesn't have ATM card?

That's not even my problem..
They should tell me why they keep on deducting my money without giving me reasons why they do that..

With the way things are going one might port to online banking.

All these brick and mortar banks are total rip offs.

The way they dumped the e-naira project is something we'd never, ever get used to.
Same way the Nigerian air project was postponed till date.

Everybody blows hot and cold these days

Central Bank of Vengeance. Threats, anger, revenge... the defining characteristics of Emefiele's CBN

chai

Nawa o

Issoright

CBN and their BVN threat to what end exactly, to open an account in Nigeria to save your own money, you will go through rigorous process, you will still be required to do BVN and NIN, and at the end scammers will still have access to your account. Other countries, people are begged to open an account with few requirements. Nigerian banks are very powerful, coz they are only means of savings, while outside Nigeria, there are so many mobile money app you can use for savings

gambia:
So they have dropped the e-naira digital currency launching.

Before nko?



It is DOA(Dead on Arrival)

Summary or simple explanation pls

ALL IS WELL

Enough of the empty threats, CBN needs to start wielding the big stick ASAP!

postbox:


SOURCE:https://brandspurng.com/2021/10/14/cbn-threatens-to-sanction-bvn-violators/

You are threatening when you shld be enforcing penalties to violators, it shows how weak a custodian of financial policy organization in the country you are.

It means you don't even know your job.

Cbn wants to control everything. Know this, that market participants are actively seeking ways to circumvent the system for selfish reasons

Chijeep:
Can this corn-tree ever move forward?
Firstly it was BVN and after NIN then back to BVN again.

God, we don't deserve this devilish coin we are being paid with na

airtel has changed the woman telling people to do NIN.
When I tried to make call yesterday evening, if you see the way the new woman shout for me say make I go do NIN ehnn I shock

TalkTalkTwins:
The way they dumped the e-naira project is something we'd never, ever get used to.
Same way the Nigerian air project was postponed till date.

As in eh

Okay

Abfinest007:
Nonsense violate what

Violate people's privacy