Friday, March 29, 2024

CBN enhances device to detect persons on watch-list

The Central Bank of Nigeria on Thursday released its regulatory framework for bank verification number operations and watch-list for the Nigerian financial system.

This was in furtherance of its mandate to develop and enhance the security of the electronic payment system in the country.

CBN Director, Banking and Payment System Department, Mr. Dipo Fatokun, in a circular to all deposit money banks, switches, mobile money operators, payment terminal service providers, payment solution service providers, microfinance banks and others, said the implementation of the framework was with immediate effect.

The apex bank explained that the objective of the framework was to clearly define the roles and responsibilities of stakeholders, to clearly define the operations of  the Bank  Verification  Number in Nigeria, to define access, usage and management of the BVN information, requirements and conditions.

Others, it continued, are to provide database of watch-listed individuals, to outline the process and operations of the Watch-list and to deter fraud incidences in the Nigerian banking industry.

According to the CBN, the Watch-list comprises a database of bank customers identified by their BVNs, who had been involved in confirmed fraudulent activity in the banking industry in Nigeria.

It noted that the Nigeria interbank settlement system shall  maintain  the  Watch-list  database  on behalf  of  stakeholders  and  shall  be responsible for update of the Watch-list database with the enlisted individuals by banks.

He added that it shall use the Watch-list report submitted by banks and duly endorsed by the MD/CEO of the  bank, with  clearance  from the Director, Risk  Management Department  of the CBN to remove delisted individuals from the database, and provide  banks  with  a portal  for  the  verification  of watch-listed  individuals  in  their respective categories.

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