Customers without BVN to be restricted from using accounts

The CBN had earlier declared a June 31 deadline for all customers to register for the BVN.
 

Bank customers who have not registered for Bank Verification Numbers (BVN) might soon be prevented from using their accounts, in line with a Central Bank of Nigeria (CBN) directive.

The CBN had earlier declared a June 31 deadline for all customers to register for the BVN.

As a result of this, some banks are said to be planning restrictions against unregistered customers, according to Leadership.

Some of the banks have reportedly placed restrictions on transfers from accounts without the BVN while others have restricted the use of e-channels, Automated Teller Machines (ATMs) and over the counter withdrawals.

The BVN involves the registration of customers in the financial system using biometric technology to make their accounts more secure with unique identifiers such as fingerprint. It was introduced to reduce incidents of fraud and protect customer accounts from unauthorised access......from pulse.