Tag: BVN
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36.8m bank accounts linked to BVN – NIBSS
Records from he Nigerian Interbank Settlement Scheme (NIBSS) have shown that about 36.8 million bank accounts have been linked to the Bank Verification Number (BVN). This represents 51 per cent of the total number of active bank accounts as of February 17 2019. The number of active bank accounts, according to the NIBSS data, is…
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CBN captures 31m Nigerians in BVN Project
The Central Bank of Nigeria (CBN) has captured no fewer than 31 million account customers in its Bank Verification Number (BVN) project aimed at ensuring unique identifier in the Nigerian banking industry. CBN Director, Banking and Payment System, Mr Dipo Fatokun, disclosed this in a paper titled, `Nigeria’s progress towards the creation of a robust,…
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FG set to seize funds in accounts without BVN
Justice Nnamdi Dimgba of the Federal High Court in Abuja has granted a request by Attorney General of the Federation, Abubakar Malami, for a temporary forfeiture of all funds held in bank accounts not linked to BVNs. The latter are accounts without sufficient know-your-customer credentials, PREMIUM TIMES has reported. . The order followed an originating…
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BVN: CBN directs banks to keep database of fraudulent customers
The Central Bank of Nigeria (CBN) on Thursday ordered banks to establish a database of customers identified through their Bank Verification Numbers (BVNs) as fraudsters. The directive was contained in the Regulatory Framework for Bank Verification Number (BVN) Operation and Watch-list for Nigerian Financial System released by the CBN. According to the apex bank, the…
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Digital Payments: Why govts do not allow airtime deposits into bank accounts
Transactions made in cash are losing ground to digital payments, and governments around the world are considering the merits of losing paper currency for good, as Bloomberg puts it in a report detailing how close we are to a cashless society. While cash payments are losing grounds to digital transactions, one area that is yet…
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6 tricks financial fraudsters use to steal your money
You could have been the victim of this terrifying crime or had calls from some fraudsters, or most probably know someone who has been. Usually, they will tell you they are your friend abroad and ask you to guess their names or even tell you they work with Dangote cement that there is this contract…
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Financial sector loses N2.19bn to fraudsters
The nation’s financial sector lost N2.19 billion to fraudsters in 2016, according to Annual Report of the Nigeria Electronic Fraud Forum (NeFF), released in Abuja. According to the report, the actual money lost to fraudsters is slightly less than the N2.256 billion recorded in 2015. However, the volume of fraud cases jumped to 19,531, against…
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Jonathan developed framework for whistle-blowing, TSA, BVN, others – Rep
…says National Assembly will pass whistle blowing bill soon A member of the House of Representatives, Abiodun Olasupo (representing APC- Iseyin/Iwajowa/Kajola/Itesiwaju Federal Constituency) has said former President Goodluck Jonathan’s administration developed the framework for the whistle-blowing, Treasury Single Account (TSA) and Biometric Verification Number (BVN). Olasupo also said the bill on whistle blowing is at…
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CBN to deactivate accounts not linked to BVN August 1
The Central Bank of Nigeria (CBN), on Monday, said it will effective from August 1, 2017, deactivate accounts of customers whose Biometric Verification Number (BVN) have not been linked to their accounts. The Director, Other Financial Institutions Supervision Department, Mrs. Tokunbo Martins, disclosed this in in a circular on Monday. Martins explained that the CBN’s…