New cbn policy on bvn

The Central Bank of Nigeria (CBN) has introduced a new policy on Bank Verification Number (BVN) to enhance the security and efficiency of financial transactions in the country. Here are some key highlights of the new policy:

  1. BVN Mandatory for All Bank Customers: The CBN has made it mandatory for all bank customers to enroll for BVN, regardless of the type of account they hold. This means that all individuals, including those with savings, current, or fixed deposit accounts, must obtain a BVN.
  2. Enhanced Security Features: The new policy introduces enhanced security features to prevent fraud and ensure the integrity of the BVN system. These features include:
    • Biometric authentication: Customers will be required to provide biometric data, such as fingerprints, facial recognition, or iris scanning, to verify their identity.
    • Advanced encryption: The CBN will use advanced encryption techniques to protect customer data and prevent unauthorized access.
    • Regular security audits: The CBN will conduct regular security audits to ensure the BVN system is secure and compliant with international standards.
  3. Increased Penalties for Non-Compliance: The CBN has increased penalties for banks and customers who fail to comply with the BVN policy. Banks that fail to enroll their customers for BVN within the stipulated timeframe will face penalties, including fines and suspension of operations.
  4. Extension of BVN Enrollment Deadline: The CBN has extended the deadline for BVN enrollment to December 31, 2023. This means that all bank customers must enroll for BVN by this date to avoid penalties and restrictions on their accounts.
  5. Improved Customer Experience: The new policy aims to improve the customer experience by providing a more seamless and efficient BVN enrollment process. Customers will be able to enroll for BVN online, through mobile apps, or at bank branches.
  6. Increased Collaboration with Other Agencies: The CBN will collaborate with other government agencies, such as the National Identity Management Commission (NIMC), to ensure that the BVN system is integrated with other national identity systems.
  7. Enhanced Customer Education: The CBN will launch a public awareness campaign to educate customers about the benefits and importance of BVN. The campaign will focus on the security features, benefits, and consequences of non-compliance.

Overall, the new CBN policy on BVN aims to enhance the security and efficiency of financial transactions in Nigeria, while also improving the customer experience and promoting financial inclusion.