- CBN plans to close bank accounts without BVN to clean up the sector and reduce fraud
- BVN is a unique identifier capturing biometric data used to verify customer identities and prevent fraud
- There are 24 commercial banks operating in Nigeria including Access, UBA, Zenith, and other financial institutions that require BVN
The Central Bank of Nigeria (CBN) has announced plans to close millions of bank accounts across various financial institutions that are not linked to a Bank Verification Number (BVN).
Blaise Ijebor, the CBN director of the Risk Management Department and Chief Risk Officer, who disclosed the plan at the Prembly Compliance Breakfast Dialogue on Thursday 6 April, said the objective is to clean up the sector and reduce the growing incidence of fraud.
