• Privacy Policy
  • Terms
  • About us
  • Contact Us
  • Staff Email
Saturday, June 28, 2025
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy/Technology

Rush to banks as CBN takes further action on BVN defaulters

BVN

The Matters Press by The Matters Press
April 18, 2023
Reading Time: 2 mins read
0
Rush to banks as CBN takes further action on BVN defaulters

Recently, banks in Nigeria have reportedly experienced a surge in new Bank Verification Number (BVN) registrations following the announcement by the Central Bank of Nigeria (CBN) that it will close bank accounts not linked to BVN.

RELATED POSTS

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

N1.5trn recapitalisation of Agric bank will herald food security – TMV

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

This move by the apex bank is aimed at cleaning up the sector and reducing financial fraud, according to the CBN’s Director of the Risk Management Department and Chief Risk Officer, Blaise Ijabor.

The announcement by the CBN is not the first of its kind. The Nigerian Inter-Bank Settlement System (NIBSS) had earlier reported that there had been slowed registrations since the beginning of 2023 despite the CBN’s announcement. As of December 2022, the BVN record stood at 56.5 million, with only 500,000 new enrolments in the last three months of 2023, including the nine days in April. This figure is lower than the average of 400,000 monthly registrations in 2022.

The BVN is a unique identifier that links a person to bank accounts across financial institutions in Nigeria, including Fintech. It is issued or required at the point of bank account opening. BVN gives account owners a unique, verifiable identity across the Nigerian banking system while ensuring customers’ accounts are protected from unauthorized access, according to Nairametrics.

The move by the CBN is expected to drive new BVN registrations and encourage customers to update their bank records.

Apart from the announcement on BVN, the CBN has also issued new guidelines to commercial banks on dormant accounts. The guidelines state that the CBN shall open a pool account to hold all funds left in dormant savings, current, and domiciliary accounts.

The new guideline is contained in the bank’s circular to commercial banks issued on April 12, 2023. The move is aimed at encouraging account owners to be active in their accounts and reduce the incidence of financial fraud.

The recent announcement by the CBN on the closure of bank accounts not linked to BVN and the guidelines on dormant accounts is expected to encourage new BVN registrations and drive updates to bank records. This is crucial in reducing the incidence of financial fraud and promoting a clean and efficient financial sector.

Published by Goldennewsng

Tags: BVN
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

$2.5 billion JBS investment, a big economic victory for Nigeria –  TDF
Economy/Technology

Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group

June 27, 2025
ActionAid, SWOFON call for urgent completion of BOA recapitalisation
Agriculture

N1.5trn recapitalisation of Agric bank will herald food security – TMV

June 26, 2025
Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF
Energy

Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

June 25, 2025
Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope
News

Tinubu’s Visit to Benue, Mark of True Leadership, Renewed Hope

June 25, 2025
79 candidates for presidential election
News

Tinubu’s new INEC building: A consolidation of democratic institutions, legacy in Nigeria – TDF

June 23, 2025
Gombe: Troops take over to enforce peace
News

Nigerian Army kills 6,260 terrorists, rescues 5,365 civilians in 2 years

June 20, 2025
Next Post
Troubled 9mobile rescued by Teleology

Network modernisation costs 9mobile N70bn

Who are East Africa’s 12 million crypto owners?

Yellow Card intensifies effort on crypto awareness

Recommended Stories

NERC declares meters free under mass scheme

Don’t fret over electricity meters’ upgrade, NEMSA advises consumers

September 4, 2023
CIIN president tasks Insurance directors on manpower development

Insurance firm re-launches 4 retail products

May 13, 2023
CIIN president tasks Insurance directors on manpower development

NCDMB, NAICOM present insurance services guidelines to oil, gas stakeholders

July 4, 2022

Popular Stories

  • Rising prices of goods cause protests in Morocco

    Rising prices of goods cause protests in Morocco

    0 shares
    Share 0 Tweet 0
  • NLNG not responsible for gas supply shortfall, price hike

    0 shares
    Share 0 Tweet 0
  • NCC sets fresh operational fees, spectrum prices for telecom operators

    0 shares
    Share 0 Tweet 0
  • Hoarding causes hike in prices of grains

    0 shares
    Share 0 Tweet 0
  • Prices of Petrol, diesel increase in November

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Tinubu’s N60b Intervention in Gombe Agro-Livestock Zone excites group
  • N1.5trn recapitalisation of Agric bank will herald food security – TMV
  • Lamido Wrong on Tinubu’s June 12 Role, haunted by his anti-democratic past- TDF

Categories

  • Agriculture
  • Economy/Technology
  • Energy
  • Entertainment/sports
  • Features
  • Foreign
  • Multimedia
  • Natural Resources
  • News
  • Oil and Gas
  • Photo
  • Politics
  • Security
  • Thematterspress
  • Uncategorized
  • Video

© 2025 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2025 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us