The Central Bank of Nigeria has said in its revised regulatory framework for Bank Verification Number operations that violators will be sanctioned.
It said this in a circular to all deposit money banks, mobile money operators, super agents and payment service providers titled ‘Issuance of revised regulatory framework for Bank Verification Number operations and watch-list for the Nigerian banking industry’.
Part of the circular said, “The following infractions by participants shall attract appropriate penalties:
“Misuse of the BVN watch-listing process for victimisation; improper linking of accounts/wallets (except Tier 1); and other infraction(s), as may be determined by the CBN.”
The CBN said it would ensure all operated accounts/wallets (except Tier 1) (including accounts/wallets (except Tier 1) opened through agents) were linked with the signatories’ BVNs within 24 hours of NIBSS making BVN available.
It added that operators must “enroll all mobile money wallets (except Tier 1) subscribers on the BVN database and link their wallets (except Tier 1) with their BVNs within 180 days of the issuance of this framework;
“Ensure that BVN details of all signatories, directors, and beneficial owners are linked to their respective non-individual accounts/wallets (except Tier 1).”
It stated that this was also mandatory for non-resident non-Nigerian directors of corporate accounts.