The Director, Banking and Payment System of the Central Bank of Nigeria (CBN), Mr. Dipo Fatokun, has confirmed registration of 19 million bank customers under the ongoing bank verification number (BVN) exercise.
Fatokun who spoke at the bi-monthly forum organised by the Finance Correspondents Association of Nigeria (FICAN), in Lagos further sought the understanding of customers to ensure they are registered before the October 1, deadline.
According to him, over 19 million bank customers have been issued BVN. What we are doing now is to be moving round the banks to see how they are doing and those that are complying. The campaign from the CBN is that Nigerians should go and enroll for the BVN that is why we are going to be very strict with the deadline.
Please, bank customers don’t have to wait till September 30th. By beginning of September, it will be 30 days left to the deadline and those that don’t enroll will not be allowed access to their accounts.
Fatokun, who was represented at the forum by the Deputy Director, Banking and Payment System Department, Mr. Musa Itokpa Jimoh explained that with BVN fraudulent activities in the banking industry would be put to check.
“Why we have not caught anybody is because we have not gotten to the cut-off date. When we get to the cut-off date, any account that does not have BVN cannot receive and cannot take out money. “So, if you are a fraudster and you try to transfer money into an account that doesn’t have BVN, the system will reject it. Now, if you are a fraudster and you transfer money into an account that has BVN, then we know you. It is going to engender transparency in the banking industry,” he added.