Bankers want BDCs to verify customers' transactions above $10,000

The Central Bank of Nigeria's latest directive, which requires the linkage of tier-1 accounts to National Identity Numbers and Bank Verification Numbers, has been lauded by the Association of Chief Audit Executives of Banks in Nigeria (ACAEBIN).

ACAEBIN also conveyed its desire for more stringent laws governing the fintech industry and the Bureaux de Change.

According to a Punch report, ACAEBIN also conveyed its desire for more stringent laws governing the fintech industry and the Bureaux de Change.

Prince Akamadu, the association's chairman, made this known at the 57th quarterly general meeting.

New directive to reduce fraud Akamadu acknowledged the effort of regulators, especially the Central Bank of Nigeria, on the recently released directive in the banking system.

According to him, the landmark achievement will reduce fraud via Tier-1 accounts. However, he stated that the ACAEBIN further recommends that the fintechs be mandated to set up Fraud Desks and hotlines to reach them when necessary.

He said: “We also recommend stricter regulatory oversight on the activities of Bureaux de Change. This class of operators in the Financial Services industry must be made to verify the BVN of all customers who transact above 10,000 dollars.”

Earlier, the federal government said it had begun the transfer of N25,000 to 15 million households but exempted those without the National Identification Numbers (NINs) and Bank Verification Numbers (BVNs).

It stated that the programme is part of the National Social Investment Programme of the Nigerian government, conceived to change the lives of millions of citizens living in extreme poverty, lift their living standards, and improve the economy.