Bank customers who have not registered for Bank Verification Numbers (BVN) might soon be prevented from using their accounts, in line with a Central Bank of Nigeria (CBN) directive.
Customers without BVN to be restricted from using accounts
The CBN had earlier declared a June 31 deadline for all customers to register for the BVN.
BVN data capture
As a result of this, some banks are said to be planning restrictions against unregistered customers, according to Leadership.
Some of the banks have reportedly placed restrictions on transfers from accounts without the BVN while others have restricted the use of e-channels, Automated Teller Machines (ATMs) and over the counter withdrawals.
The BVN involves the registration of customers in the financial system using biometric technology to make their accounts more secure with unique identifiers such as fingerprint. It was introduced to reduce incidents of fraud and protect customer accounts from unauthorised access.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
Anambra residents pour encomium on retiring CP Adeoye
Gov Zulum approves employment of 15 persons with disabilities
4 dead, 70 vehicles burnt in fuel tanker explosion in Rivers
You can't artificially force naira to gain value, Ned Nwoko tells CBN, FG
19 children feared killed by measles complications in Adamawa
Niger Delta youths urge stakeholders to support amnesty program boss Otuaro
Dufil Prima Foods brings relief to indigent families in Abeokuta
World Bank anticipates substantial decline in global food prices by 2025
Yahaya Bello's nemesis, Akpoti tells EFCC to see ex-governor's case to the end
ADVERTISEMENT