Cbn new bvn restiction
You're referring to the new BVN (Bank Verification Number) restriction introduced by the Central Bank of Nigeria (CBN).
As of 2022, the CBN has introduced new restrictions on BVN, which aim to improve the security and integrity of the Nigerian banking system. Here are some key changes:
- BVN is now mandatory for all bank accounts: Previously, BVN was only required for accounts with a balance above a certain threshold. Now, all bank accounts, regardless of balance, must have a valid BVN.
- Increased penalties for non-compliance: Banks are now required to impose penalties on customers who fail to provide their BVN or update their BVN information.
- Enhanced BVN validation: The CBN has introduced stricter BVN validation processes to ensure that BVNs are accurate and up-to-date.
- Increased scrutiny of high-risk accounts: The CBN will conduct more thorough checks on high-risk accounts, such as those with large balances or unusual transaction patterns.
- Improved customer due diligence: Banks are required to conduct more thorough customer due diligence, including verifying the identity of customers and monitoring their transactions.
- Increased collaboration between banks and regulatory agencies: The CBN has encouraged greater collaboration between banks and regulatory agencies to share information and prevent financial crimes.
These changes are aimed at reducing the risk of financial crimes, such as money laundering and terrorist financing, and improving the overall security and integrity of the Nigerian banking system.
If you're a Nigerian bank customer, it's essential to ensure that your BVN is up-to-date and accurate to avoid any issues with your bank accounts.