'More to go' - CBN places 7,552 BVN on its watchlist, to close million of bank accounts in access, 27 others

The Central Bank of Nigeria (CBN) has placed 7,552 account holders on the Bank Verification Number (BVN) watch list for fraud-related activities.

This is a 25 percent increase when compared to 6,045 on the CBN watchlist as at June 2022.

Musa Jimoh, the Director of the Payment Systems Management Department of the apex bank, disclosed the latest update on Tuesday, May 2, 2023, in Calabar.

Jimoh, who was represented by Adefuye Adeyemi the assistant director in the department, revealed that the individuals investigated for various fraud risks face being excluded from the financial system.

He also highlighted the increasing importance of BVN in supporting the development of credit profiles for depositors and improving access to credit, Punch reports.

Also speaking is the CBN Governor, Godwin Emefiele, who was represented by the Director of Monetary Policy, Dr. Hassan Mahmud, also said at the event. He disclosed that the total BVN enrollment had increased to 57.43 million as at March 31, 2023.

Emefiele emphasized the importance of BVN in the bank's Know Your Customer (KYC) requirements and how it has helped in tracking, identifying and investigating fraudulent financial transactions.

However, he also pointed out the challenges in implementing digital payment systems due to weak social infrastructure, such as unstable telecommunication networks and power infrastructure.

Emefiele, in his speech, expressed concern about the nefarious activities of unlicensed entities in the payment value chain and how they continue to exploit access to information technology to engage in regulated activities without the appropriate licenses and authorization.

He added that the activities of fraudsters continue to threaten the resilience of payment platforms and impact the public's confidence. Read more: https://www.legit.ng/business-economy/money/1532797-cbn-places-7552-account-holders-bvn-watch-list-set-close-millions-bank-accounts-access-others/