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CBN to extend BVN registration to MfBs, PMIs customers

The Central Bank of Nigeria plans to extend the Bank Verification Number registration project to customers of other Financial Institutions.


This was revealed by the CBN’s Director of Banking and Payment Systems Department, Dipo Fatokun. The OFIs are Microfinance Banks, Primary Mortgage Institutions and others.

Fatokun made the disclosure at a bi-monthly forum organised by the Finance Correspondents Association of Nigeria in Lagos on Sunday. The forum had as its theme: “Recent Developments in the Electronic Payments System and Implications for Consumers of Electronic Payment Services.”

Fatokun said the operators of the institutions were already working toward having their customers included in the BVN project.

He said the CBN would have OFIs customers enrol through deposit money banks because of the high cost of procuring the machines.

He said: “We are considering using commercial banks as registration points for the OFIs customers. “We also expect that many of the OFIs customers, who already have their BVNs, will supply the data to their banks, while those without BVN will register afresh.”

Fatokun said the BVN project, being coordinated by the CBN, commercial banks and Nigeria Interbank Settlement System, had helped reduce the number of frauds in the industry.

He said: “Any bank customer resident in Nigeria without a BVN would be deemed to have inadequate KYC (Know Your Customer).

“Effort is ongoing to ensure that customers of Other Financial Institutions such as Microfinance Banks and Primary Mortgage Institutions are brought into the system to begin to get their BVNs.”

Fatokun said the bank planned to come up with a regular framework that would blacklist fraudulent bank customers or place them on watch-list in the banking industry.

He said: “I want to assure you that the BVN has assisted us a lot in the banking system.

“It has assisted us to check frauds and we are working on a framework that will enable us, if not to blacklist customers because of some legal implications, but at least to watch-list.”

Fatokun said the CBN had been at the forefront of the transformation of the payments system in the country.

He said this was demonstrated through the development of the Payments System Vision 2020 document in 2007 and reviewed in 2013.

Fatokun said the number of BVN linked to customers’ accounts by August 23 was 36.7 million, while the total number of individual customers in the banks was reported as 59.9 million at the same date.

Fatokun said e-payment remained an initiative of the CBN under the Payments System Vision 2020 as part of the overall 2020 Strategy.

He said one of CBN’s mandates was the promotion of a sound financial system.

According to him, for Nigeria to achieve its Vision 2020 aspiration, it must follow the global best trend and adopt best practices on payment technologies and innovations in its processes and system.

He noted that the CBN was also strengthening its relationship with some agencies on financial crimes.

Fatokun said: “The Nigeria Police has agreed to set up a dedicated e-Payment and Card Crime Unit to complement the efforts of Nigerian Electronic Fraud Forum on e-payment related crime.

“In following the global trend, the bank is currently reviewing the implications of cloud computing, virtual currencies like bit coins and data protection.

6 Comments on CBN to extend BVN registration to MfBs, PMIs customers

  1. If the result of the last BVN exercise is satisfactory, it should be extended to other financial institutions. However, I think it is too early to do so unless it can be shown that these other financial institutions aid and abet the abuse of foreign exchange.


  2. Nice one n exchange.


  3. ok we’ve heard


  4. Tayo VMFB Ikeja // September 12, 2016 at 8:44 am // Reply

    Global best practices to be embraced by all for the stability and growt of the other financial institutions that have been at the receiving end from fraudulent and difficult customers
    Thanks to CBN
    We will keep improving


  5. No prob about that


  6. dats good ,we did b safe a little with dat


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