By Yakubu LAAH InvestAdvocate
Lagos (INVESTADVOCATE)-The Central Bank of Nigeria (CBN) on Friday issued a June 2015 deadline to customers of Deposit Money Banks (DMBs) on the Bank Verification Number (BVN) project, according to a circular signed by Dipo Fatokun, director, banking and payments system department.
‘’That by June 2015, all bank customers should have the BVN. Any bank customer without the BVN would be deemed to have inadequate KYC,’’ the CBN said.
The circular with reference number BPS/DIR/GEN/CIR/01/013 dated September 18, 2014 and titled ‘’Circular on the acceleration of Bank Verification Number (BVN) Project’’ part of which reads thus: ‘’ The Central Bank of Nigeria has observed the progress made so far in the implementation of the BVN project. In order to increase the tempo in the enrolment by Deposit Money Banks (DMBs), customers on the BVN, and to start coupling the enormous benefits of the project, it is imperative to stipulate milestones for the implementation of the project” the circular noted.
According to the Nigeria’s Central Bank, by March 2015, transactions valued at N100 million and above should only be allowed for customers with BVN; these include, but not limited to money transfers, loans, contingencies, etc,’’ the circular affirmed.
Also, the CBN advised banks to intensify efforts to sensitize their customers on this development and enroll them for the BVN accordingly.
The Nigeria’s Central Bank further affirmed that banks are required to submit to the Nigeria Inter Bank Settlement System Plc (NIBSS) as part of their weekly returns on customers account details, the account status of those that have submitted their BVN or those that are yet to do so.
The CBN says NIBSS on their part will render consolidated returns to the CBN on a weekly basis, staring from October 01, 2014.
Please note the Central Bank of Nigeria will monitor compliance with requirements of this circular, and defaulters will be sanctioned,’’ the CBN said.
The CBN in conjunction with the Bankers Committee in February 2014 launched the BVN Project to enhance the operation of banks; the BVN project was sponsored by the Bankers Committee.
