CBN issues exposure draft on BVN operations, watch-list
The Central Bank of Nigeria (CBN) on Monday issued an exposure draft on the regulatory framework for Bank Verification Number (BVN) operations and watch-list for the Nigerian financial system.
The CBN therefore directed deposit money banks, switches, money operators, and payment terminal service providers to forward their inputs on or before July 14, 2017 to the director, banking and payments system department.
The CBN in collaboration with the Bankers Committee proactively embarked upon the deployment of a centralized Bank Verification system and launched the Bank Verification Number (BVN), in February, 2014.
This is part of the overall strategy of ensuring effectiveness of Know Your Customer (KYC) principles, and promotion of safe, reliable and efficient payments system. The BVN gives each customer of Nigerian banks, a unique identity across the banking Industry.
The objectives of the Regulatory Framework for BVN Operations in Nigeria include, to clearly define the roles and responsibilities of stakeholders, to clearly define the Bank Verification Number operations in Nigeria; to outline the process/operations of the watch-list; and to Define access, usage and ownership of the BVN data, requirements and conditions.
The exposure draft stated that there shall be charges payable for accessing information from the database subject to an approval of the CBN. Such charges shall be determined from time to time by the CBN.
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