The Central Bank of Nigeria (CBN) has directed all Money Deposit Banks (MDB’s) to ensure all issues relating to customers Bank Verification Number (BVN) are given urgent attention and resolved within 5 working days from the day a customer supplied all relevant documents.
The CBN had in a recent circular signed by Dipo Fatokun, Director, Banking and Payments System Department of the bank and obtained by Oriental News Nigeria warned banks to strictly comply with the directive.
The circular observed that some customers are yet to link their BVN to their accounts due to some discrepancies between records on the BVN database and records on the core banking applications of the MDB’s.
It regretted that such problems have remained unsolved making the circular imperative to ensure timely resolution of the issues.
Therefore the CBN has made the following clarification to guide both customers and the banks.
The Apex bank said henceforth banks should allow correction of date of birth on BVN record with supporting documents evidencing the correct date of birth and that banks should also allow change of name due to marriage with supporting documents such as marriage certificate or affidavit etc.
Furthermore, the CBN urged that minor correction of name due to misspelling e.g Osikoya written as Oshikoya should be allowed with supporting documents such as international passport showing the correct name.
In addition, change of name that are totally different e.g Ezra Abu changing to Aminu Umar or partially different e.g Ezra Abu Jide to Ezra Abu Olubaje should only be allowed after the customer has produced supporting documents to the change of name of which should be reported to the Nigerian Financial Intelligence Unit (NFIU) as suspicious transaction by the bank.
The CBN again noted that customer’s name on the BVN database should be the same in all his or her accounts across the banking industry and that customers that wish to close their accounts should be allowed to do so.
But it added that where the account is not linked with the BVN a payment instrument should be issued in the name in which the account was opened.
The circular however directed that in cases where the balance on the account is more than what is legally allowed on a paper instrument i.e N10 million the bank should seek for and obtain clearance from the EFCC (NFIU) before such account can be closed and the balance transferred electronically to another account.
Also, where the bank raises suspicion on the activity of its customer, Suspicious Transaction Report should be filed with the NFIU.
The CBN however directed that the timeline for the resolution of BVN issues shall be 5 working days from the date the customer submits all relevant documents.