In 2017, the Central Bank of Nigeria (the CBN) in line with its objective of promoting financial system stability issued the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (the Old Regulatory Framework), which provides standards for both BVN operations and the watch-list of bank customers who have been involved in fraudulent activities in the Nigerian banking industry. Pursuant to a circular dated October 12, 2021, the CBN has now issued a revised Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry (the Revised Regulatory Framework).
The Revised Regulatory Framework, which now replaces the Old Regulatory Framework, reiterates the CBN’s stance on most of the provisions in the Old Regulatory Framework whilst introducing salient amendments to meet the current realities in the banking and financial services industry, particularly the applicability of the BVN regime to mobile money wallets/operations and the exemption of Tier-1 accounts from participating in the BVN database, amongst other key amendments.
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Nice write-up