22/03/2017

FG Asks CBN To Extend BVN To Microfinance Banks

The Federal Government has asked the Central Bank of Nigeria (CBN) to extend the requirement for the Bank Verification Number (BVN) to account holders in microfinance banks.

The Minister of Finance, Mrs Kemi Adeosun, stated this in a letter to the CBN Governor, Mr Godwin Emefiele.
She explained that this would help to identify bank accounts which might have been opened and operated for ghost workers by fraudulent syndicates.
The use of BVN for bank transactions is only limited to account holders in the deposit money banks.
The CBN had in September 2016 announced plans to extend the BVN exercise to the microfinance banking sector.

However, the apex bank is yet to implement the extension.

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