The Central Bank of Nigeria has introduced stricter Bank Verification Number enrolment and data access rules as part of efforts to curb fraud and strengthen trust in the financial system. The revised policy, scheduled to take effect on 1 May, expands the existing regulatory framework governing BVN operations and watch-listing across the banking industry. The move comes amid sustained growth in digital transactions and increasing cases of identity-related fraud, which regulators say require faster detection and response mechanisms. The BVN system, introduced in 2014, remains the backbone of identity verification in Nigeria’s banking ecosystem, linking customer accounts across institutions through biometric data. According to the apex bank, the latest amendments are designed to reinforce monitoring systems and ensure that suspicious transactions are identified early without immediately disrupting legitimate banking activities. “In line with its mandate of promoting financial system stability, the CBN hereby issues the following amendments to the Revised Regulatory Framework for Bank Verification Number Operations and Watch-List for the Nigerian Banking Industry 2021,” the circular stated.

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