The Central Bank of Nigeria (CBN), in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), officially inaugurated the Non-Resident Bank Verification Number (NRBVN) platform on Tuesday in Abuja. According to the apex bank, this innovative digital gateway allows Nigerians in the diaspora to obtain a Bank Verification Number (BVN) remotely without needing a physical presence in Nigeria. The CBN governor, …

Fraudsters have stolen N329m by using static images to register for Bank Verification Numbers. This is according to a new report by the Nigeria Inter-Bank Settlement System, which outlines emerging fraud trends in Nigeria’s financial sector. According to the report obtained by Sunday PUNCH, some unscrupulous BVN enrollment agents facilitated the scheme by registering still images of individuals, both Nigerians …

The Federal Government has said that investors seeking to invest in its latest financial instrument must disclose specific identification requirements to participate in the exercise. It disclosed this in a Frequently Asked Questions (FAQ) document provided by the Debt Management Office (DMO) on its website. According to the FAQ, all Nigerian citizens, including those residing abroad, must possess a Bank …

The Central Bank of Nigeria (CBN) has directed a ‘Post No Debit’ (PND) restriction on all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) effective April, next year. ‘PND’ is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts. …

Special Adviser (Media) to the Presidential Amnesty Programme Interim Administrator, Mr. Freston Akpor has explained how the PAP has been able to tackle Bank Verification Number (BVN) fraud of 513 ex-agitators linked to 1,370 accounts. In a statement in Abuja, Akpor stated that other anomalies were detected and that certain accounts were not linked to their BVNs which accounted for …

The Central Bank of Nigeria (CBN) has given banks and other financial institutions a 30-day timeline to close accounts without Bank Verification Number (BVN). Data from the Nigeria Inter-Bank Settlement System (NIBSS) showed that 57.39 million customers’ accounts have been linked to their BVNs as at 8th April. According to a review of the ‘Regulatory Framework for Bank Verification Number …

At least 6,047 Bank Verification Numbers (BVNs) have been added to the monitoring list of the Central Bank of Nigeria (CBN) for possible fraudulent activities, according to the CBN Financial Stability June 2022 report published this month. The report also noted that 11,871 BVNs have been watch-listed as deceased persons this year. The report disclosed that the apex bank conducted …