CBN Is Working On A Law That Will Give Them Powers To Use Your BVN information

The CBN has revealed that it is in the latter stages of coming up with a framework that will allow it access the Bank Verification Number (BVN) of Nigerians all over the country. CBN Director, Banking and Payment Dipo Fatokun made this known at the Nigeria Electronic Fraud Forum (NeFF) October meeting in Lagos at the weekend.

According to Fatokun, the access would be to identify, watch-list and blacklist fraudulent account holders in all the 22 banks and Other Financial Institutions. According to him, access to BVN of Nigerians would enable the apex bank identify owners of fraudulent bank accounts and use the information to track other accounts such fraudster might hold in other banks. “

…when legal impediments are overcome, such people could be blacklisted, or watch-listed in the banking system. That will also assist us to a great deal, in curbing the menace of fraudsters,” he said

Nigeria’s inflation rate rises to 12.34% as COVID effects bite harder

May 21, 2020

Flour Mills of Nigeria Plc, 2018 FY: Flour Mills’ shareholders unanimously endorse N4.92 billion dividend , FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

FMN redeems N1 billion pledge to CACOVID relief fund, donates $1.5 million worth of medical supplies

April 17, 2020

The framework is almost ready with final approval from the Committee of Governors of the Central Bank and exposure to the banking industry the remaining steps.

“It is a policy issue and therefore, has to go to the Committee of Governors of the Central Bank, which will look at it and do an industry exposure. These will be completed, hopefully, before the end of the year,” The Nation reports Fatokun as saying.

The law is also expected to help banks detect criminal customers, track their accounts and allow for adequate investigation on each transaction to confirm if it is actually genuine.