The Central Bank of Nigeria (CBN) has released an amended regulatory framework for Bank Verification Number (BVN) operations and watch-lists for Nigerian financial system, saying a valid court order is a requirement to have access to a customer’s BVN.

The central bank disclosed this in a circular posted on its website yesterday, that was addressed to all banks, switches, mobile money operators, payment solution providers, microfinance banks and others. It stressed that any requests for BVN information must be accompanied with a court order.

The circular signed by the Director, Banking and Payments system department, Mr Dipo Fatokun titled‘Amendment to the Regulatory Framework for BVN Operations and Watch-list for the Nigerian Banking Industry,’ takes immediate effect.

On the amendment, it stated that “Section 1.6 of the Framework, Eligibility for Access to the BVN which states that, ‘The following entities may have access to BVN information, subject to the approval of the CBN,’ is hereby amended to read thus, ‘the following entities may have access to BVN information, after providing a valid Court Order, subject to the approval of the CBN’.

“Consequently, the CBN by this circular hereby informs all stakeholders that the provision of a valid court order is one of the pre-requisites for the release of BVN information to applicants.”


SOURCE : https://brandspurng.com/disclosure-of-customer-bvn-subject-to-court-order-cbn-tells-banks/

Good news this is..

Thanks for this...

Hmm

Vital one.

Better... Your BVN should be private.

However, you can still lose access to your money in Nigerian banks without this.

Be warned.

Sai Baba.

Good I idea but hoping it work out cos ordinary affidavit na just 1k without court approval.

I dont understand oo

Good news

I think it's OK because if you don't lose money to those on the outside even banks staffs are not secured anymore.

I nor understand this English o...
is it that before I get my bvn from my bank I go meet court first
somebody please explain.
Thanks in anticipation

God has finally gave Emefiele little sense

This will have more disadvantage ,Than advantage. My personal opinion, I don't support it.

Court order of Romans law, that won't stop wire wire boys from draining your account if your coconut is well riped.

I'm impressed!

The introduction of BVN erases any for of 'banking secrecy'that might have existed in the past. I think this is bad for our financial institutions. Banking secrecy should be encouraged by our financial regulators. It would increase trust, and would make stolen funds that should otherwise be kept in the Swiss domain, remain in our local institutions.

Good, but it solve nothing, it doesn't require bvn to tamper with one acct...lack of knowledge

hmm

Policy inconsistencies, the bane of economic development in Nigeria.

Good news mehn

kurt09:
Sai Baba.

Buhari that does not know what BVN stands for.

BVN... One of the foresight achievements of good luck Jonathan.

Is quite disheartening that ,even cbn does not know bvn number has nothing to do with fraud on the account.. If you know you know

Mod no know say na repost b dis on fp?

I think this has to do with banks giving or publishing people's bvn anyhow

aprilwise:
I dont understand oo

Not only you, what is the essence of doing BVN if I can't have access to it without Court order........ The Court order should be for Third Party entities that wish to access BVN databases e.g Security agencies, Private and Public institutions etc

Those that are registered should be able to access their BVN data without stress.........in Nigeria we just like giving ourselves unnecessary wahala sha

Are we really sure its not for their personal gains,can it affect/curb the networks of yahoo businesses. I dey look oo

Good. This is related to financial crimes and corruption cases so as to trace connected accounts of an an accused.

Are the banks also affected?

Does it mean we don't have to thumbprint at the bank for any transaction?

If it's so, it's a welcome development because the time wasted in banking halls over little transactions are too much.