…As PAP-STRATCOM Warns Against Planned Protest Over BVN Related cases
No fewer than seven hundred and fifty (750) ex-agitators with BVN related cases have been so far cleared by the adhoc verification committee recently set up the Interim Administrator of the Presidential Amnesty Programme, Maj. Gen. Barry Tariye Ndiomu, while other pending cases are awaiting final clearance, as the committee intensifies efforts to resolve all BVN related issues soon.
This was disclosed by the Director of Mobilisation of the Strategic Communication Committee (STRATCOM) of the Presidential Amnesty Programme (PAP), Comrade Tonye Bobo in Yenagoa in an interview with newsmen about recent developments in the Presidential Amnesty Programme.
He added that the Interim Administrator is also bothered by the complications discovered in the database, reiterating that Maj. Gen Ndiomu was doing everything possible to resolve these issues that are connected to one BVN being linked to multiple BVNs.
He therefore appealed to the affected ex-agitators to still exercise patience as the adhoc verification committee is on top of the matter, informing that the regulatory framework put in place by the Central Bank of Nigeria for Bank Verification Number (BVN) operations and the Watch-list for the Nigerian Banking Industry is still in force, warning that any breach of the act would incur serious sanctions.
It will be recalled that the Central Bank of Nigeria, in collaboration with the Bankers’ Committee, deployed a centralised Bank Verification Number (BVN) System in February 2014. This was part of the overall strategy of ensuring effectiveness of “Know Your Customer (KYC)” principles, and promotion of safe, reliable and efficient payments system. The BVN system gives each customer in the Nigerian banking industry, a unique identifier number (BVN).
Consequently, in exercise of the powers conferred on the Central Bank of Nigeria (CBN), under the Central Bank of Nigeria Act, 2007 (CBN Act), and the Banks and Other Financial Institutions Act (BOFIA) 2020, the CBN issued the revised Regulatory Framework
for the Bank Verification Number (BVN) Operations and Watch-list for the Nigerian Banking Industry.
The BVN system is meant to address the increasing incidence of frauds with a view to enhancing public confidence in the banking industry. This Framework, without prejudice to existing laws, is a guide for the operations of the Watch-list in the Financial System. The Watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches, as defined in the framework.
The objectives of the Regulatory Framework for BVN and Watch-list Operations in Nigeria are to define roles and responsibilities of participants in the BVN system, define sanction regime for breaches in BVN operations.
This process is aimed at using BVN to deter, prevent, detect and mitigate the risks of fraud in the banking industry. Therefore every customer is meant to have a personal BVN number linked to his or her bank account.