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.