CBN to block accounts without BVN, extends enrollment for Micro-finance Banks

CBN to block accounts without BVN, extends enrollment for Micro-finance Banks

The Central Bank of Nigeria, CBN, has said that with effect from January 1, 2018, all customers without Bank Verification Number, BVN, linked to their account should no longer be entitled to debit operations.

CBN also extended the BVN enrolment for Microfinance Banks and other financial institutions to December 31, 2017.

Director, Financial Institutions Supervision Department, Mrs. Tokunbo Martins, in a statement, said the bank extended the deadline after appeals from various bodies.

Martins said: “As you are aware, the deadline expired July 31, 2017 and consequently several OFIs are in breach of this regulatory directives

“However, due to the conscientious efforts noted, the CBN is disposed to acceding to the appeals received from the Financial Inclusion Secretariat, the National Association of Microfinance Banks (NAMB) and members of Mortgage Bankers’ Association of Nigeria (MB AN) soliciting for a shift in the deadline to support better compliance and avoid further financial exclusion.

“The various challenges encountered in the early stage of deployment of the joint CBN/NIBSS support to members of NAMB have also informed management’s decision

“In this regard, management has approved an extension of the timeline to December 31, 2017, to enable all OFIs continue with the BVN enrolment exercise and report progress.”

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