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Tag: BVN

  • Banks add 2.7m new accounts as BVN-linked accounts rise to 66m

    Banks add 2.7m new accounts as BVN-linked accounts rise to 66m

    • Non-Resident BVN policy boosts enrollment

    The Nigeria Inter-Bank Settlement System (NIBSS) data has shown that the number of Nigerian bank account owners linked to Bank Verification Number (BVN) hit 66.2 million at the end of July, 2025.

    The current data showed significant surge from 64.8 million recorded in January 2025 and 63.5 million as at December 2024.

    The data showed that 2.7 million new BVN enrolments were recorded between December 2024 and July 2025.

    Further analysis of the NIBSS data showed that as at 2021, 51.9 million accounts were linked to BVN, it rose to 56 million in 2022, and 60.1 million in 2023 and closed 2024 at 63.5 million.

    According to NIBSS, the BVN gives bank account owners a unique identity that can be verified across the Nigerian banking industry, while it ensures that customers’ bank accounts are protected from unauthorised access.

    The BVN project, which captures the uniqueness of every bank customer, is one of the most-innovative projects introduced into the financial system in 2014.

    The BVN scheme, which gives each bank customer unique identification, is revolutionising the banking and payment systems while ensuring safety of depositors’ funds.

    The surge in BVN figures has also been attributed to the recent launch of Non-Resident Biometric Verification Number (NRBVN) in Abuja.

    Following the recent unveiling of  NRBVN in Abuja, the CBN boss directed Nigerian banks to proactively develop and offer products specifically tailored to meet the unique needs and preferences of  the diaspora community. The NRBVN launch is seen as a major step to keep remittances inflow to the country soaring and dollar liquidity strong.

    CBN Governor, Olayemi Cardoso said that offering innovative and attractive financial solutions can greatly enhance diaspora participation, deepen financial inclusion, and significantly boost remittance inflows.

    “Over the past year, our policy frameworks have undergone extensive refinements, informed by sustained dialogue with International Money Transfer Operators (IMTOs). The introduction of the willing buyer, willing seller regime, licensing of additional IMTOs, and market reforms that have facilitated currency convergence are notable examples. Consequently, remittance flows through official channels have risen markedly, from $3.3 billion in 2023 to $4.73 billion last year,” he said.

    He added: “With the introduction of NRBVN and complementary policy measures, we are optimistic about achieving our ambitious target of $1 billion in monthly remittance flows, a goal we believe is entirely achievable given the growing trust and convenience in formal remittance channels”.

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    Cardoso explained that a fully connected system will ensure that every Nigerian in the diaspora can confidently contribute to national development through trusted and cost-effective channels. He emphasised that the launch was not the final destination, but the beginning of a broader journey.

    “The NRBVN is a dynamic initiative, one that will continue to evolve in response to the needs of its users. It presents a unique opportunity to learn, to innovate, and to adapt. We encourage all stakeholders to engage actively, share insights, and help shape a system that serves millions of Nigerians across geographies and generations. The NRBVN is not just a tool; it is a bridge between Nigeria and its global citizens,” he said.

    The CBN had earlier directed banks to freeze accounts without a BVN and National Identification Number (NIN) from April 2024.

    The growing BVN database also reflects in the growing number of active bank accounts in the country, though there is still a wide gap between the two.

    According to the latest banking data released by NIBSS, the number of active bank accounts in Nigeria stood at 320 million in March 2025.

    The data indicated that a total of 8.4 million new accounts were opened or reactivated between January and March this year, as the figure stood at 311.6 million at the end of 2024.

    Industry experts explained that the difference between BVN and active account numbers is attributable to individuals and businesses having multiple bank accounts linked with a single BVN.

  • BVN, NIN sale as threat to national security

    BVN, NIN sale as threat to national security

    • By Shuaib S. Agaka

    Sir: Just weeks ago, national alarm bells rang over the dangers of SIM recycling—where inactive mobile numbers are reassigned without proper verification, sometimes leading to unauthorized access to bank accounts and sensitive platforms. Now, with the Economic and Financial Crimes Commission (EFCC) revealing that thousands of Nigerian youths are trading Bank Verification Numbers (BVNs) and National Identification Numbers (NINs), a far more disturbing pattern is taking shape: Nigeria’s digital identity infrastructure is dangerously compromised.

    The implications are staggering. The country’s cybersecurity framework, already riddled with loopholes, is now showing deeper fractures. Trust—the bedrock of any digital system—is evaporating fast. Ironically, while palliatives are now scarce and heavily guarded, Nigerians’ personal data floats freely across black markets and rogue platforms. The very act of surrendering biometric and personal details to the state—under promises of security and service delivery—has become the gateway to exploitation.

    Nigeria’s digital identity architecture is built on three core pillars: the NIN managed by the National Identity Management Commission (NIMC), the BVN under the Central Bank of Nigeria (CBN), and the SIM-NIN linkage enforced by the Nigerian Communications Commission (NCC). Together, these systems were intended to unify identity verification, enhance financial inclusion, curb fraud, and support digital governance.

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    In theory, it’s a sound framework. In practice, however, it’s falling apart.

    Corruption and insider leaks have created cracks in what should be secure systems. The EFCC’s finding that over 12,000 youths were caught selling their identities is only the visible tip of a deeper and more institutionalized rot. The black market for digital identities is supplied not just by desperate youth—but also by compromised insiders working within supposedly secure government and financial agencies.

    Nigeria must establish a unified digital identity oversight mechanism to harmonize data security standards across NIMC, CBN, NCC, and NDPC. Real-time interoperability and data-sharing protocols must be enforced. Second, all telecoms, fin-techs, and banks should undergo mandatory cybersecurity compliance audits. Institutions found to mishandle user data should face stiff penalties, including license suspensions or financial sanctions. Third, a national public education campaign must be launched to raise awareness about digital identity theft and promote cyber hygiene at the grassroots.

    Ultimately, Nigeria’s digital future will not be secured by technology alone. It will be secured by building trust—trust that personal data will be respected, identities protected, and breaches punished. Until then, Nigeria’s digital economy remains a house built on shaky foundations, where the trade of identities is more seamless than access to palliatives, and fraudsters are more empowered than the citizens they exploit.

    •Shuaib S. Agaka,

    Kano

  • Three quick ways to link your NIN, BVN to your bank account

    Three quick ways to link your NIN, BVN to your bank account

    The Central Bank of Nigeria (CBN) has instructed all bank customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their bank account(s).

    The National Identification Number (NIN) consists of 11 non-intelligible numbers randomly chosen and assigned to an individual after completing enrollment into the National Identity Database (NIDB).

    Bank Verification Number (BVN) is a biometric technology with a secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.

    The Nation learnt that some banks have begun restricting access to bank accounts not linked to NIN as directed by the CBN.

    The apex bank had in a circular on December 1st 2023, directed that banks should place restrictions on all Tier 1 bank accounts without BVN.

    For tier 2 and 3 accounts and wallets, the CBN’s directive said they must be linked with both BVN and NIN, while only tier 1 accounts have the option of BVN and/or NIN.

    Tier 1 accounts are accounts that can be opened with a valid identity or proof of address.

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    Here are methods to link your BVN or NIN to your bank account:

    Via SMS

    Simply text BVN/NIN, your account number, and BVN/NIN number to the number/code provided by your service provider or bank.

    Via Internet Banking

    Here are some steps to link your NIN and BVN to your bank account via internet banking:

    Log in to your bank’s internet banking platform

    Select the BVN/NIN option

    Click on new request

    Enter your BVN/NIN

    Select the bank where your BVN/NIN was issued

    Answer the secret questions

    Follow the instructions

    Email Request

    Send an email request to your account officer

    For PalmPay users, here’s a step-by-step guide for users to leverage these new features:

    Access Your PalmPay App: Open the PalmPay app on your smartphone device.

    Navigate to Profile/Settings: Locate the “Profile” or “Settings” section within the app.

    Access KYC/Verification Section: Find the KYC (Know Your Customer) or Verification section.

    Add NIN/BVN: Follow the instructions to input your NIN and BVN details seamlessly.

    Complete Additional KYC Steps: Provide any supplementary documents or information as prompted to complete the KYC process.

    Submit for Verification: Once all details are entered, submit the information for verification.

  • CBN freezes accounts without BVN, NIN March 2024

    CBN freezes accounts without BVN, NIN March 2024

    Bank accounts without Bank Verification Number (BVN) and National Identity Number (NIN) will be frozen by the Central Bank of Nigeria (CBN) with effect from March next year.

    This is part of sweeping amendments rolled out by the CBN to the regulatory framework for BVN operations and watch-list for the Nigerian banking industry.

    These changes, impacting account holders across tiers, mark a significant shift in banking compliance and customer requirements.

    The new directives announced by the CBN entail several changes. Individuals holding Tier-1 bank accounts and wallets are now mandated to possess BVN and/or National Identification Number (NIN).

    Tier1 accounts are bank accounts that require minimal documentation, usually the mere presentation of a BVN and a means of identification before opening with a maximum withdrawal limit of N50,000 daily and a cumulative balance limit of N300,000.

    The requirement for BVN and NIN remains applicable to individual accounts within Tiers 2 and 3.

    The account opening process will now involve electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases. This data will serve as primary information for onboarding new customers.

    Existing individual customer accounts with validated BVNs will now be profiled in the NIBSS’ ICAD within 24 hours of account opening.

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    The implementation procedures are multifaceted. According to the CBN circular, opening new Tier-1 accounts and wallets without BVN or NIN is prohibited with immediate effect.

    From March 1, 2024, funded accounts without BVN or NIN will face restrictions. Unfunded accounts will also be restricted until compliance. All BVN or NIN associated with accounts/wallets must be electronically revalidated by January 31, 2024.

    The CBN has urged compliance officers to familiarise themselves with the Guidance Notes accompanying the circular as they apply to all institutions regulated by the CBN.

    Furthermore, a comprehensive BVN and NIN audit is imminent, and sanctions will be imposed on identified breaches.

    The revised protocols for onboarding new customers stipulates the prohibition of manual creation of customer profiles with subsequent BVN or NIN attachment and mandatory electronic authentication using BVN or NIN details for new customers.

    Any inconsistencies, the CBN warned, will halt the onboarding process.

    Banks are now required to profile customers’ accounts on NIBSS ICAD within 24 hours of generating an account number.

    These amendments, the CBN said, are geared towards fortifying the integrity and security of the Nigerian banking system.

    The apex bank noted that compliance with these directives is imperative for all regulated financial institutions to ensure seamless operations and avoid penalties.

  • JUST IN: CBN freezes accounts without BVN, NIN April 2024

    JUST IN: CBN freezes accounts without BVN, NIN April 2024

    From April 2024, accounts without Bank Verification Number (BVN) and National Identity Number (NIN) will be frozen, the Central Bank of Nigeria has announced. 

    These changes, impacting account holders across tiers, mark a significant shift in banking compliance and customer requirements.

    The new directives announced by the CBN entail several pivotal alterations. Individuals holding Tier-1 bank accounts and wallets are now mandated to possess BVN and/or National Identification Number (NIN).

    Tier1 accounts are bank accounts that require minimal documentation usually the mere presentation of a BVN and a means of Identification before opening with a maximum withdrawal limit of N50,000 daily and a cumulative balance limit of N300,000.

    The requirement for BVN and NIN remains applicable to individual accounts within Tiers 2 and 3.

    The account opening process will now involve electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases. This data will serve as primary information for onboarding new customers.

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    Existing individual customer accounts with validated BVNs will now be profiled in the NIBSS’ ICAD within 24 hours of account opening.

    The implementation procedures are multifaceted. According to the CBN circular, opening new Tier-1 accounts and wallets without BVN or NIN is prohibited with immediate effect.

    From March 1, 2024, funded accounts without BVN or NIN will face restrictions. Unfunded accounts will also be restricted until compliance. 

    All BVN or NIN associated with accounts/wallets must be electronically revalidated by January 31, 2024.

    The CBN has urged compliance officers to familiarize themselves with the Guidance Notes accompanying the circular as they apply to all institutions regulated by the CBN. 

    Furthermore, a comprehensive BVN and NIN audit is imminent, and sanctions will be imposed on identified breaches.

    The revised protocols for onboarding new customers stipulates the prohibition of manual creation of customer profiles with subsequent BVN or NIN attachment and mandatory electronic authentication using BVN or NIN details for new customers. 

    Any inconsistency, the CBN warned will halt the onboarding process.

    Banks are now required to profile customers’ accounts on NIBSS ICAD within 24 hours of generating an account number.

    These amendments, the CBN said, are geared towards fortifying the integrity and security of the Nigerian banking system. 

    The apex bank noted that compliance with these directives is imperative for all regulated financial institutions to ensure seamless operations and avoid penalties.

  • How to secure your BVN, NIN, Phone Number

    How to secure your BVN, NIN, Phone Number

    It is always a good practice to keep your BVN, NIN and phone number confidential. Such personal information when compromised can be used by scrupulous person(s) for illegal activities. Here are some tips that can help you make sure your BVN and NIN are protected.  

    How to protect your BVN

    Below are some tips on how you can protect your BVN so they don’t get into the hands of scrupulous person(s). You can learn how to check BVN using your bank’s USSD code or mobile app.

    • Do not share your BVN, Card Number, or PIN with anyone else. 
    • Only enter your BVN and Card details on secure websites.
    • Keep your BVN and Card details confidential.
    • Be aware of phishing scams that involve BVNs, and ATM Cards.
    • Report any suspicious activity to your bank immediately.
    • Do not enter your personal information on apps and websites that you do not trust.

    If you think your BVN has been compromised, you should take the following steps immediately:

    • Contact your bank and report the compromised BVN and account information.
    • Freeze your bank accounts to avoid unauthorized transactions.
    • Block your old ATM card and order a new one.
    • Monitor your bank statement for any suspicious activity.

    How to protect your NIN

    Remember, the National Identification Number (NIN) is your identity. It is confidential and may only be released for legitimate transactions. You can learn how to check NIN number using the NIMC website or mobile app.

    • Avoid submitting your NIN and identification details as well as making payments to unauthorised, fraudulent websites and social media pages run by individuals illegally charging fees while collecting and exposing personal ID details online.
    • Beware of dubious apps collecting your NIN or BVN details. Use only apps from NIMC and clearly identifiable, authorised NIMC partners.
    • You should always protect your NIN, because crime committed with your SIM will be traced to you.
    • Do not release your NIN for illegitimate or illegal transactions. 
    • Your NIN can be used by unscrupulous person(s) for illegitimate or illegal activity. Ensure that you protect and keep your NIN confidential at all times.

    How to Protect your mobile number

    If scammers know your number, they can target you with phishing texts and calls, they may also use it to hack your social media accounts, or trick you into downloading malware and giving up personal information. For newly registered mobile number, here’s how to check phone number on all networks.

    Here are some tips to help protect your phone number:

    • Do not give your phone number to strangers or unknown person online: Be cautious and thoughtful when sharing personal information, including phone numbers, online or with people you don’t know very well. 
    • Keep your phone number private: Be careful of listing your phone number publicly on social media or other online platforms. If you must list a phone number, create a new phone number for this purpose, or consider using a proxy number service that masks your real number.
    • Use a Caller ID Spoofer: This is a caller ID spoofing tool that allows you to call someone without revealing your real phone number. If someone needs to contact you but you don’t want to give out your real phone number, use a caller ID spoofer app or website to make the call instead.
    • Setup Two-factor authentication: Two-factor authentication provides an extra layer of security by requiring an additional code, sent via text or another method, to access your accounts.
    • Avoid Public Wi-Fi: Avoid connecting to public Wi-Fi when surfing the web or making calls because it can expose your phone number to hackers.
    • Your phone number can be used to gain unauthorised access to your social media handles. Keep any phone numbers associated with your social media safe.

  • See what BVN has done to PDP’S ATM

    Whoever authored the idea of introducing the Bank Verification Number (BVN) into the Nigeria’s banking system, has, just as the Buhari Government that brought the idea into fruition, done this nation a great favour.

    It has tremendously scorched the snake of the mindless pilfering and plundering in high places and has left that snake writhing in pain and agony. It is the main cause of the desperation of the PDP and the murderers of our money to want to return to their familiar beat of bleeding the nation’s economy.

    Because that snake has only just been scorched and not totally killed yet, it is fighting the battle of its life to survive and return to venomously poison the nation economically. That snake, represented by the PDP, must not be allowed to survive.

    The fact that the source of their bottomless pit of pounds, dollars and naira has been blocked by executive fiat, is largely the reason every bogus lie, fabrication and mischief are being manufactured to turn facts on their heads, misrepresent and mislead the electorate and distant observers into joining them to acquire electoral victory by every dubious means possible.

    One can touch PDP’s desperation with bare hands. But their pyramids of lies are crashing by the second, such that one is tempted to want to believe the new storyline of Prof. Wole Soyinka that the den of killers is regrouping, reminding us of the era when the number one law officer of Nigeria, Chief Bola Ige, and two prominent politicians from Rivers State, Marshal Harry and Chief Dikibo, were killed in a space of three months under the watch of Obasegun/Atiku’s government in this country.

    But suspicion, fear, threat or belief of political killings by desperadoes will not deter millions of Nigerians from saying NO to the return of the PDP to the seat of government in this land again. If they are desperate to the point of plotting to exterminate people’s minds, how many will they have to kill before they can succeed in aborting the will of the vast majority of Nigerians?

  • Onnoghen: BVN reveals more accounts

    A Bank Verification Number (BVN) search may have exposed more accounts linked to the suspended Chief Justice of Nigeria (CJN), Justice Walter Onnoghen.

    Detectives are understood to have written three banks for details of the alleged accounts of the suspended CJN.

    The banks are Standard Chartered Bank, Union Bank and Heritage Bank, according to a preliminary report on the activities of Onnoghen by the Nigerian Financial Intelligence Unit (NFIU) and other agencies.

    The CJN is accused of false declaration of assets. A six-count charge has been filed against him.

    Further investigation into Onnoghen’s accounts  notwithstanding, the United States of America, the United Kingdom and the European Commission (EU)  yesterday urged caution on the part of the federal government in its handling of his case.

    The US called for due process to be followed in the matter while UK faulted the timing of the suspension.

    Sources knowledgeable about the investigation of Onnoghen’s finances revealed to The Nation yesterday the turn-over in the alleged accounts of the CJN as follows:

    • USD account from October, 2012 to September, 2016 — $1,922,657.00
    • GBP (£) account from 2012 to September, 2016 — £138, 439.00
    • Euro account as at September 30, 2016 — €55,154.00
    • Naira account from September, 2005 to October, 2016 — N91, 962.362.49

    A document sighted by The Nation correspondent states: “Upon receipt of the report, a preliminary investigation was conducted during which the following actions were carried out:

    “A request was sent to the Nigeria Financial Intelligence Unit (NFIU) for a report on the suspect.

    “A letter of investigation activities was sent to Standard Chartered Bank, Union Bank and Heritage Bank to provide the statements of accounts of the suspect;

    “A BVN search through the NIBSS platform was conducted on the suspect and six (6) more accounts were found to be linked or connected to the suspect;

    “The statements of accounts of the suspect were analyzed and further to that, a letter was written to Standard Chartered Bank requesting for additional information on suspicious activities in the account.”

    There was anxiety yesterday over alleged restriction on the movement of Justice Onnoghen.

    Security was tightened at the official quarters of the Justices of the Supreme Court.

    Journalists were turned back from gaining access to the quarters in the three arms zone.

    A reliable security source said: “Yes, the security around the quarters was enhanced but I doubt your insinuation of restriction of movement of the CJN.

    “With the tension generated by the suspension of the CJN, security agencies are only taking pre-emptive action to prevent the judges from harm.”

    There were also strong indications last night the battle over Onnoghen’s fate would shift to the court tomorrow.

    A counsel in the defence team of the CJN said: “We will go to court to challenge the illegal suspension of His Lordship.

    “We hope the Federal Government will respect any court order reinstating the CJN. Anything otherwise is a judicial anarchy.”

    We’re concerned — US

    Reviewing the Onnoghen saga, the US Embassy said in a statement in Abuja yesterday that Washington was “deeply concerned by the impact of the executive branch’s decision to suspend and replace the Chief Justice and head of the judicial branch without the support of the legislative branch on the eve of national and state elections.”

    It added: “We note widespread Nigerian criticism that this decision is unconstitutional and that it undermines the independence of the judicial branch. That undercuts the stated determination of government, candidates, and political party leaders to ensure that the elections proceed in a way that is free, fair, transparent, and peaceful – leading to a credible result.

    “We urge that the issues raised by this decision be resolved swiftly and peacefully in accordance with due process, full respect for the rule of law, and the spirit of the Constitution of Nigeria. Such action is needed urgently now to ensure that this decision does not cast a pall over the electoral process.”

    UK: Timing of CJN’s suspension gives cause for concern

    London, in a similar statement said: “The British High Commission expresses serious concern over the suspension of the Chief Justice of Nigeria.

    “We have heard a wide range of credible and independent voices, including in the Nigerian legal profession and civil society, who have expressed concern over the constitutionality of the executive branch’s suspension of the chief officer of the judiciary.

    “We respect Nigeria’s sovereign authority and its right to adjudicate on constitutional provisions but as friends of the Nigerian people, we are compelled to observe that the timing of this action, so close to national elections, gives cause for concern. It risks affecting both domestic and international perceptions on the credibility of the forthcoming elections. We, along with other members of the international community, are following developments closely.

    “We encourage all actors to maintain calm and address the concerns raised by this development through due process, demonstrating their commitment to respecting the constitution and the impartial administration of the rule of law.

    “We further urge them to take steps to ensure that elections take place in an environment conducive to a free, fair and peaceful process.”

    It can impact on credibility of votes, says EU election monitoring mission

    The EU Election Observation Mission also faulted the timing of the suspension of the CJN.

    It called on all parties to follow the legal processes provided for in the Constitution

    It said: “The European Union was invited by the Independent National Electoral Commission to observe the 2019 general elections.

    “The EU Election Observation Mission (EU EOM) is very concerned about the process and timing of the suspension of the Chief Justice of Nigeria, Honourable Justice Walter Onnoghen, on 25 January.

    “With 20 days until the presidential and National Assembly elections, political parties, candidates and voters must be able to have confidence in the impartiality and independence of the judicial system.

    “The decision to suspend the Chief Justice has led to many Nigerians, including lawyers and civil society observer groups, to question whether due process was followed.

    “The timing, just before the swearing in of justices for Electoral Tribunals and the hearing of election-related cases, has also raised concerns about the opportunity for electoral justice.

    “The EU EOM calls on all parties to follow the legal processes provided for in the Constitution and to respond calmly to any concerns they may have.

    “The EU EOM will continue observing all aspects of the election, including the independence of the election administration, the neutrality of security agencies, and the extent to which the judiciary can and does fulfill its election-related responsibilities.”

  • PenCom to workers, retirees: provide NINs, BVN to PFAs

    The National Pension Commission (PenCom) has advised all Retirement Savings Account (RSA) holders and retirees to approach their Pension Fund Administrators (PFAs) to provide their National Idnetity Nimbers (NINs) and Bank Verification Numbers (BVNs), as well and other mandatory biodata information.

    This is in line with Federal Government’s directive that madates every Nigerian to have a NIN.

    Acting Director-General, PenCom, Mrs. Aisha Dahir-Umar gave the firective in a statement yesterday.

    “The Federal Government has made it mandatory that every Nigerian must have a NIN. To achieve this, all data generating organisations have been directed to harmonise their databases with the National Identity Management Commission (NIMC), which has the mandate to implement the National Identity System in Nigeria.

    “To enable the pension industry comply, PenCom has directed all PFAs to update the records of their clients. Consequently, all RSA holders, both active and retired, are hereby advised to approach their PFAs to provide their NINs and BVNs, as well as other mandatory biodata information,” the statement read.

  • CBN probes bank customers’ enrolment in BVN

    •MPC keeps interest rate at 14% 

    The Central Bank of Nigeria (CBN) is probing banks’ enrollment of their customers in the Bank Verification (BVN) platform to ensure the integrity of the process, The Nation learnt yesterday.

    The BVN gives a unique identity across the banking industry to each customer of Nigerian banks. But many banks are breaching the BVN enrolment process.

    In some cases, customers BVNs are attached to wrong accounts due to improper validation. The practice, if not addressed, could present serious identity crisis in the financial system.

    Besides, some banks are not submitting names of their customers identified through their BVNs to be involved in suspected fraudulent activities to the apex bank as required by regulation.

    The CBN had directed banks to establish a database of their customers identified through their BVNs to be involved in confirmed fraudulent activities.

    The directive is contained in the Regulatory Framework for BVN Operation and Watch-list for Nigerian Financial System released by the CBN. The framework is in exercise of the powers conferred on the CBN, by Sections 2 (d) and 47 (2), of the CBN Act, 2007, to promote the development of efficient and effective payments systems for the settlement of transactions.

    The watch-list comprises a database of bank customers’ identified by their BVNs, who have been involved in confirmed fraudulent activity in the banking industry.

    Confirming the development, Principal Manager, Banking and Payment System Department of the CBN, Olubukola Akinwunmi, said identity theft is a serious challenge that needed to be tackled in the industry and needs the collaboration of all stakeholders.

    He said the apex bank is currently auditing the BVN process in banks ‘to ensure system integrity’.

    According to him, banks were aware of the ongoing audit exercise and that at the right time, sanctions will apply to culpable lenders.

    AkinwunmI, who represented CBN Director, Banking Service Department, ‘Dipo Fatokun, at the Access Bank Anti-Fraud Week Stakeholders’ workshop held in Lagos, spoke yesterday.

    On how banks are culpable in identity theft, he said: “I think the clarity I want to give to this is that banks have the responsibility to enroll their customers. And they also have the responsibility to ensure that when a customer comes to enroll on the BVN platform, they do the necessary verification for that exercise. Those are areas banks need to improve on their controls to ensure that appropriate steps are taken and customers are properly validated before they get the BVN.

    On BVNs not matching account holders, he said: “That is something that banks are in charge of reviewing their accounts regularly and ensuring that their data is clean. So, it is a regular  cleansing activity that banks do.

    “The banks have really done so well in terms of collaboration. We have the industry fraud desk on collaborating to address issues of fraud especially those related to identity theft, internet fraud and all that.

    “The CBN is tackling the issue of identity theft seriously. In the industry, collaboration is the key word. No single individual or institution can do it alone. The banks are collaborating with the Central Bank.

    ‘Beyond that, the banks are also collaborating with other regulators such as the Nigerian Communication Commission, on the issue of SIM Swap that we have seen in the industry in recent past. We have joint technical committee and memorandum of understanding to address certain issues that will help us tackle the problems.”

    On banks not doing enough to blacklist watch-listed customers, he said: “It takes a while to actually finalize investigations. So, what we do is to ensure that banks are encouraged to do the needful as soon as possible in order to conclude investigation.

    “You cannot just pick on anyone without being sure of your facts. The process of determining who should be watch-listed for fraudulent activities or not may take a while. But notwithstanding, we have continued to encourage banks to expedite action on some of these issues in order to have a conclusive issue on any account that may be related in any way to fraudsters or might have received a fraudulent posting. So, banks are working to ensure they expedite their investigations in order to do the needful in terms of watch listing.

    “Now, banks have been very responsive to issues, or any initiative to arrest the malaise. So, we expected that this will continue to trend downwards. In the past two years, you will see that fraud in electronic banking has been on downwards trend.”

    Executive Director, IT and Operations at Access Bank Plc, Ade Bajomo, said that tackling e-fraud is a collective responsibility. “What I can say is that no-one should be relaxed on this matter. All of us need to be vigilant, and where we see fraud. It has to be a zero-tolerance approach.

    “This is about sharing information. If you know someone is a criminal and you keep quiet, then that criminal will carry on perpetrating crime. The moment we criminalize that criminal, then the crime stops. This is no brainer. I can only urge all the banks, that have to participate in this watch list process to ensure they actively participate and they do what they need to do to make sure the whole system is as secured as possible.”