NewsAround NigeriaBVN, Cashless policy’ll check money laundering, fraud… CBN

BVN, Cashless policy’ll check money laundering, fraud… CBN


BVN, Cashless policy’ll check money laundering, fraud… CBN
By; Bayo Akamo, Ibadan
The Central Bank of Nigeria (CBN) at the weekend declared that the on-going Bank Verification Number (BVN) exercise and the cashless policy will check money laundering and other fraudulent transactions in the banking industry in Nigeria.
CBN Deputy Director, Consumer Protection, Hadjia Khadija Kasim made this assertion while addressing stakeholders at a one-day sensitisation fair held at the Jogor Centre, Ibadan Oyo State .
Hadjiya Kasim said the two policies are fashioned towards enabling CBN and other banks in the country effectively tackle the issue of money laundering.
“You will see some inter-relationship between our cashless policy and the need for us to have our bio-metrics. When you are now registered as a bank customer and your details are there, it will be very difficult for somebody to use that account for any fraudulent activity. So, if any fraudulent activity takes place there, we will be able to trace the owner of the account. The situation where we have faceless people carrying out money laundering or fraudulent transactions will be reduced to the barest minimum” she said.
She however maintained that there will be no extension of time again for the on-going BVN registration exercise. She said those yet to be captured in the exercise should meet up with the deadline which is this week.
“The initial deadline was June 30th before we extended it to the end of this October. By now we expect all Nigerians to go before the expiration date and get their Bank Verification Number” she explained.


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