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-
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