The Minister of Finance, Mrs. Kemi Adeosun, has solicited the cooperation of the Central Bank of Nigeria (CBN) in extending the Bank Verification Number (BVN) regime to account holders in microfinance banks (MFBs). Adeosun said this would facilitate the detection of accounts, which might have...

The Minister of Finance, Mrs. Kemi Adeosun, has strongly solicited the cooperation of the Central Bank of Nigeria (CBN), in extending the requirement for Bank Verification Number (BVN) to account holders in Microfinance Banks (MFBs), to facilitate the detection of bank accounts which might...

The Central Bank of Nigeria (CBN) has said it is working on a policy that will ensure that bank customers involved in electronic fraud are either blacklisted or placed on close surveillance. The bank’s Director, Banking and Payment System, Mr. ‘Dipo Fatokun, said this at...

Statistics by the Nigerian Interbank Settlement Systems (NIBSS) shows that the country has a total of 31.2 million bank accounts that are not active in the banking system. According to the data hosted on the website of the NIBSS, there are a total of ninety...

LAGOS—The Central Bank of Nigeria, CBN, yesterday, directed banks operating in the country to accept deposit of cheques into savings account and to begin to embed Bank Verification Number, BVN in payment cards. The CBN, in a circular signed by Director, Banking & Payments...

The Central Bank of Nigeria (CBN) has directed banks in the country to make their branches available for the Bank Verification Number (BVN) registration of farmers under its Anchors Borrowers’ Programme (ABP). In a circular posted on its website, the apex bank stated that the...