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Friday, 13 July 2018

You must demand court order before releasing customer’s BVN – CBN tells banks

The Central Bank of Nigeria (CBN) has instructed commercial banks and other financial institutions to demand a valid court order before it releases customer’s Bank Verification Numbers, BVN.

This was made known in a circular containing an amended regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system, which was released yesterday by the apex bank on its website.

In the circular signed by the Director, Banking and Payments system department, Mr Dipo Fatokun, the CBN stressed that any requests for BVN information must be accompanied with a court order.

The directive which was addressed to all banks, switches, mobile money operators, payment solution providers, microfinance banks and others takes immediate effect.

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