Apparently buoyed by the success of its introduction in checking financial crimes, the Central Bank of Nigeria (CBN) has extended the Bank Verification Number (BVN) registration scheme to customers of other Financial Institutions (OFIs). The OFIs are Microfinance Banks, Primary Mortgage Institutions and others.
CBN Director, Other Financial Institutions Supervision Department, Mrs Tokunbo Martins, in a circular on the bank’s website on Monday, said that “Effective August 1, 2017, all customers without BVN linked to their accounts shall not be allowed to make withdrawals from those accounts.
Investigations have shown that in recent months, there has been heavy movement of cash to OFIs from deposit banks by persons trying to evade the radar of the regulator and the anti-crime agencies. The BVN has brought sanity to banking to a reasonable degree.
