Bank Account without BVN attracts 2m Fine- CBN

CBN Governor, Godwin Emefiele

The Central Bank of Nigeria (CBN), in a bid to promote financial system stability, has declared that financial institutions and customers that violate the framework of the Bank Verification Number (BVN) would face sanctions.

Some of the penalties listed for financial institutions having a customer operating an account without BVN will be N2,000,000 per infraction/customer, 15 per cent of the total amount credited into the account during the period infraction exists and N20,000 penalty per infraction/customer per day after the infraction exists.

This was made clear in a circular issued by the CBN to all deposit money banks (DMBs), mobile money operators, super agents, and payment service providers, on the issuance of the revised regulatory framework for BVN operations and watch-list for the Nigeria banking industry.

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