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CBN Bars BVN Violators From Opening Bank Accounts - Business - Nairaland

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CBN Bars BVN Violators From Opening Bank Accounts by BrandSpurNG: 5:29pm On Nov 25, 2021
The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule.
The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular.

According to the apex bank, the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes.

it therefore described the policy as part of its overall strategy for promoting a safe and efficient banking and payment system.

In the circular, the Director, Payments System Management Department, Musa Jimoh, explained that the watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches.

He explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any participant (banks).
https://brandspurng.com/2021/11/25/cbn-bars-bvn-violators-from-opening-bank-accounts/

3 Likes

Re: CBN Bars BVN Violators From Opening Bank Accounts by Nobody: 5:31pm On Nov 25, 2021
ok
BrandSpurNG:

The Apex Bank in Nigeria, Central Bank of Nigeria (CBN) has barred BVN Violators from from opening a new bank accounts going by its fresh rule.
The new policy is contained in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the banking industry released by the apex bank in its Update Report circular.

According to the apex bank, the new framework has been designed to enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes.

it therefore described the policy as part of its overall strategy for promoting a safe and efficient banking and payment system.

In the circular, the Director, Payments System Management Department, Musa Jimoh, explained that the watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches.

He explained that under the new framework, breaches on the part of customer could see the individual getting barred from entering a new relationship with any participant (banks).

SOURCE:https://brandspurng.com/2021/11/25/cbn-bars-bvn-violators-from-opening-bank-accounts/
Re: CBN Bars BVN Violators From Opening Bank Accounts by KingEverest: 5:49pm On Nov 25, 2021
Good one

4 Likes 3 Shares

Re: CBN Bars BVN Violators From Opening Bank Accounts by Nobody: 5:55pm On Nov 25, 2021
What's a BVN violation?

94 Likes 5 Shares

Re: CBN Bars BVN Violators From Opening Bank Accounts by helinues: 5:56pm On Nov 25, 2021
Best way to go
Re: CBN Bars BVN Violators From Opening Bank Accounts by inoki247: 5:58pm On Nov 25, 2021
Which one be BVN watch list anybody wey commit fraud u can black list his or her BVN or people owing loans....

I just pray the thing no b anoda tool to deal with the youth and start blocking dere account....


They should gives us the BVN terms and conditions so we no fit violate am not u jus waking up one day nd see say dem don block ur bank account....

50 Likes 4 Shares

Re: CBN Bars BVN Violators From Opening Bank Accounts by God1000(m): 4:05am On Nov 26, 2021
This is good, some Nigerians are criminally minded

11 Likes 4 Shares

Re: CBN Bars BVN Violators From Opening Bank Accounts by Authoreety: 4:05am On Nov 26, 2021
That's i
Re: CBN Bars BVN Violators From Opening Bank Accounts by KangaIye: 4:05am On Nov 26, 2021
All they know how to do is Chochocho.......

2 Likes

Re: CBN Bars BVN Violators From Opening Bank Accounts by Harrykn: 4:06am On Nov 26, 2021
Actually they don’t have what to do!

3 Likes

Re: CBN Bars BVN Violators From Opening Bank Accounts by Nobody: 4:06am On Nov 26, 2021
What if I decide to tell the new bank that I don't have a BVN and they sign me up for new one?

I know BVN is attached to biometric and personal data but it can still be spoof
Re: CBN Bars BVN Violators From Opening Bank Accounts by RichDad1(m): 4:07am On Nov 26, 2021
This is a very vague news. What is BVN violation ? Junk journalism everywhere.

45 Likes 1 Share

Re: CBN Bars BVN Violators From Opening Bank Accounts by YoungLionken(m): 4:07am On Nov 26, 2021
Is Godwin Emefiele angry that Nigerians are angry at him??

Well, in a country like Nigeria, everything goes...

5 Likes

Re: CBN Bars BVN Violators From Opening Bank Accounts by montumonami(m): 4:08am On Nov 26, 2021
What are the violations biko? Scammers, fine.
Crypto trading, don't go there..
Re: CBN Bars BVN Violators From Opening Bank Accounts by PennywysCares(m): 4:08am On Nov 26, 2021
Kabongo1:
What's a BVN violation?
Re: CBN Bars BVN Violators From Opening Bank Accounts by jericco1(m): 4:09am On Nov 26, 2021
Too vague. Is it that people that refused to enroll on the platform or what?
Re: CBN Bars BVN Violators From Opening Bank Accounts by mcayomind: 4:12am On Nov 26, 2021
So to says some individuals have been enjoying the banking system without BVN all this while.

Money is indeed a very powerful tools.

1 Like

Re: CBN Bars BVN Violators From Opening Bank Accounts by theophorus(m): 4:12am On Nov 26, 2021
Once the Humans in charge have sinister motives, they surely will find a loophole.
When the issue of BVN first got implemented in 2015 I was hopeful that at least we would be able to curb Fraud Money.

But unfortunately, 6 years plus down the line, it's just another failed implementation because the humans who are suppose to be the "quality control" are only there for their selfish gain just like the Policeman who is only on the road to collect money from commuters and offenders and not to protect lives and properties nor enforce the law.

Until we prioritize communal gain over individual gain and have a True change of mindset/perception, all of these will only be "Noise".

NB: The rate at which we are going only a Divine intervention can save Us from Self-destruction.

8 Likes

Re: CBN Bars BVN Violators From Opening Bank Accounts by wunmi590(m): 4:12am On Nov 26, 2021
Kabongo1:
What's a BVN violation?

May be opening two BVN and fabricating lies in your application

4 Likes 1 Share

Re: CBN Bars BVN Violators From Opening Bank Accounts by tempest01(m): 4:13am On Nov 26, 2021
What constitutes BVN violation? If this is aimed at crypto, you'll have to bar all of us. Let us then know that crypto is our legal tender.

2 Likes

Re: CBN Bars BVN Violators From Opening Bank Accounts by Concience55: 4:16am On Nov 26, 2021
A public statement that ends up confusing the the public the more...CBN---una weldoneoo

7 Likes

Re: CBN Bars BVN Violators From Opening Bank Accounts by tradepunter: 4:19am On Nov 26, 2021
Ideeee

1 Like

Re: CBN Bars BVN Violators From Opening Bank Accounts by bcomputer101: 4:23am On Nov 26, 2021
BVN VIOLATORS?



What does that mean?

2 Likes 1 Share

Re: CBN Bars BVN Violators From Opening Bank Accounts by OYENIYIJK: 4:30am On Nov 26, 2021
A very nice idea wink
Re: CBN Bars BVN Violators From Opening Bank Accounts by DuBLINGreenb(m): 4:31am On Nov 26, 2021
CBN is yet to learn that over regulation is a bad thing.

Instead of looking at ways to bank the unbaked population in Nigeria especially those in rural areas CBN is trying to keep people it terms "violators" out of the banking system all together. This is like when a referee leaves the players and starts issuing cards to the spectators or camera men.

You should keep those people in the system so you can continue to monitor them if that's so important to you rather than kicking them out altogether moreover I think CBN should leave bank customers and face banks. I don't see how those very few "bvn violators" crypto currency transactions is doing any harm to the entire economy of Nigeria that'll warrant CBN to spend all this time and money looking into it.

We as a nation have nothing good at all to invite foreign and even local investors or to keep local investors.

And yet we are placing policies and regulations with deadlines and measures as if we are the most attractive business or banking destination in the world.

Small, poor, third world countries who have nothing to offer LIKE NIGERIA
Usually offer loose laws, lapse systems to attract investors I'll give examples

Panama and Liberia : these 2 countries are responsible for almost 30 - 40% of ALL Ship registrations in the world why? How?

Registering ships anywhere else is costly and difficult and has too many red tapes and bureaucracy so these countries said how do we make money from it? They made ship ownership and registration so easy in their countries that everyone from all over the world prefers to register their ships in Panama and Liberia.

In banking the same thing certain countries allow loose regulations thereby becoming Tax havens and making money from it.

In citizenship: countries like Guyana, st Kitts and Nevis, the Bahamas, even Portugal has joined them now, they will give you citizenship if you pay them a lump sum of money over $160,000 or "donate" that amount to their country or invest in their country investments worth over $500,000 or thereabout depending on the country.

Asylum: even supposedly first world countries like France will grant you asylum if you agree to forfeit half of your loot to the french government, that's why it seems many African leaders run to France for asylum especially those from french speaking countries, the most expensive car ever auctioned was auctioned before 2017 or so was by the french government (now I think it is the second most expensive car ever auctioned) it was a car belonging to the Vice president of Equatorial Guinea one Nguema the son of the president Theodore Obiang Nguema's. He agreed to forfeit the custom made high end luxury car to the french government along with a castle in France and 2 Lamborghini's I think and the case against him was dropped sharperly as my PH people will say.

What am I driving at? We Nigerians have refused to have sense because we think we have oil, don't worry the oil will dry or the world will move away from oil, whichever happens first. Then maybe government will start having sense.
Government's Number 1 job is to take care of WE THE PEOPLE, its citizens. It's number 1 job is not to regulate us. To government making money to take care of its people should be priority.
Regulation will come when we done chop, when people are taking advantage of the system to the detriment of Nigerians, then government can step in to protect Nigerians.

Government should not regulate just simply because it feels like, or because other countries are doing it.
I pray one day people with administrative ability, with knowledge of law and understanding of the inner workings of government across the world people like me will have the opportunity to hold elected office. So our people will actually know the true meaning of government.

The people are not supposed to fear government or their agencies like police or army, they are not supposed to run when they see them they should be happy to see them, the people and businesses shouldn't fear CBN they should be happy knowing that CBN is there to save them from being taken advantage of by private banks.

42 Likes 8 Shares

Re: CBN Bars BVN Violators From Opening Bank Accounts by nedekid: 4:33am On Nov 26, 2021
inoki247:

Which one be BVN watch list anybody wey commit fraud u can black list his or her BVN or people owing loans....

I just pray the thing no b anoda tool to deal with the youth and start blocking dere account....


They should gives us the BVN terms and conditions so we no fit violate am not u jus waking up one day nd see say dem don block ur bank account....
Thats what it seems to be. You commit with your bvn, you no go fit get account again. Youths should behave if they intend to use the financial system.

1 Like

Re: CBN Bars BVN Violators From Opening Bank Accounts by nedekid: 4:36am On Nov 26, 2021
bcomputer101:
BVN VIOLATORS?



What does that mean?
Person owe in first bank, you fashi the payment and go open another account in acess bank. You taken moni there japa (think say you wise). Go open for Zenith bank etc.
I guess that's what they mean.

1 Like

Re: CBN Bars BVN Violators From Opening Bank Accounts by MVLOX(m): 4:36am On Nov 26, 2021
Noted
Re: CBN Bars BVN Violators From Opening Bank Accounts by nedekid: 4:37am On Nov 26, 2021
FreelanceRebel:
What if I decide to tell the new bank that I don't have a BVN and they sign me up for new one?

I know BVN is attached to biometric and personal data but it can still be spoof
The scanner will show proxy. You cannot have 2 bvn as your biometrics is on record.

1 Like

Re: CBN Bars BVN Violators From Opening Bank Accounts by Validated: 4:38am On Nov 26, 2021
Kabongo1:
What's a BVN violation?
Yahoo Yahoo!

1 Like

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