CBN Set To Take Strong Action On Bank Accounts Not Linked To BVN

CBN Set To Take Strong Action On Bank Accounts Not Linked To BVN

In an effort to reduce fraud, the Central Bank of Nigeria (CBN) plans to remove bank accounts that are not linked to the Bank Verification Number (BVN) system from the financial system.

CBN’s Director of Risk Management and Chief Risk Officer, Blaise Ijebor, announced this at the Prembly Compliance Breakfast Dialogue on Thursday.

According to Ijebor, cybercriminals take advantage of three system flaws, including the use of Tier-1 accounts, which can be opened with minimal documentation and are not linked to BVN.

Read Also JUST IN: Buhari ‘Mocks’ 10 Governors (DETAILS)

Because these accounts have low deposit limits and are popular among the unbanked, they are easy targets for fraudsters.

Ijebor also emphasized the importance of digital banks adhering to regulatory requirements and customers taking the necessary cyber security precautions.

He went on to say that the CBN was working with the Nigerian Inter-Bank Settlement System to resolve the issue, and that they planned to move Tier-1 accounts to Tier-2 with the assistance of agents who can help with BVN registration.

However, Ijebor did not provide a timetable for the cleanup.

Never Miss Any News, Join Our WhatsApp Group With This Link Below

https://chat.whatsapp.com/DdBOorlQD6wE9BhmOAon3c