CBN sets to close accounts without BVN

The Central Bank of Nigeria (CBN) has given banks and other financial institutions a thirty-day timeline to close accounts without Bank Verification (BVN). It said, the policy was meant to address increasing incidence of frauds, enhance public confidence in the banking industry and provide a guide for BVN operations and watch-list activities carried out by financial institutions in Nigeria. According to Data from the Nigeria Inter-Bank Settlement System, fifty-seven point three, nine million customers’ accounts have been linked to their BVNs as at April eight this year.