Bank accounts without BVN to be barred by August 1

 

   As from August 1, all customers without Bank Verification Number, BVN, linked to their bank accounts will not be allowed to make withdrawal from those accounts, says the Central Bank of Nigeria, CBN.


   According to the apex bank, the measure becomes necessary as the absence of a unique identifier in the banking industry is a major challenge inhibiting the effectiveness of the ‘Know Your Customer’ principle.

   In a letter to all Other Financial Institutions, OFIs, by its Director, OFIs Supervision Department, Tokunbo Martins, obtained from CBN website, the apex bank stated that it has become necessary to extend the BVN enrolment to customers of OFIs, especially as some OFIs are located in the rural areas and have customers that may not have enrolled with commercial banks.