Bank verification number nigeria news

Here are some recent news and updates on Bank Verification Number (BVN) in Nigeria:

Latest News

  1. CBN extends BVN deadline for non-compliant accounts: The Central Bank of Nigeria (CBN) has extended the deadline for non-compliant bank accounts to link with BVN to June 30, 2023. (Source: Punch)
  2. BVN: CBN warns of severe consequences for non-compliance: The CBN has warned that non-compliance with the BVN policy will attract severe consequences, including account closure and criminal prosecution. (Source: Vanguard)
  3. BVN: NIBSS records 95% compliance rate: The Nigeria Interbank Settlement System (NIBSS) has announced that 95% of bank accounts have been linked with BVN, with the remaining 5% expected to comply by the deadline. (Source: ThisDay)

Recent Developments

  1. BVN: CBN introduces new verification process: The CBN has introduced a new verification process for BVN, which involves the use of biometric authentication and facial recognition technology. (Source: BusinessDay)
  2. BVN: Banks to deduct N50 for non-compliance: Banks have been directed to deduct N50 from the accounts of customers who fail to link their accounts with BVN by the deadline. (Source: The Nation)
  3. BVN: CBN to penalize banks for non-compliance: The CBN has threatened to penalize banks that fail to comply with the BVN policy, including fines and withdrawal of their operating licenses. (Source: Leadership)

Benefits of BVN

  1. Improved security: BVN has improved the security of bank transactions in Nigeria, making it more difficult for fraudsters to operate.
  2. Enhanced customer experience: BVN has enabled customers to access their accounts more easily and conveniently, with the ability to perform transactions online and through mobile banking apps.
  3. Increased financial inclusion: BVN has increased financial inclusion in Nigeria, with more people having access to financial services and products.

Challenges

  1. Limited access to BVN: Some customers have reported difficulty in accessing BVN due to limited access to biometric verification facilities.
  2. Technical issues: Some customers have reported technical issues with the BVN system, including errors and delays in verification.
  3. Compliance challenges: Some customers have reported challenges in complying with the BVN policy, including difficulties in providing required documentation.

I hope this information is helpful!