The Central Bank of Nigeria, CBN is set to release new Bank Verification Number (BVN) guidelines. The new guidelines will help eradicate cyber fraud in the country. The move was revealed by the Director for Payment System Management CBN, Sam Okojere at the just concluded Access Bank Anti Fraud Week held in Lagos.
The new rules will guide the apex bank’s action with customers as it curbs fraudulent practices by customers. The guideline will also oversee the activities of fintech companies and the Payment Service Banks (PSBs). As it provides a risk-based supervision framework for banks in Nigeria.
The Assistant Director Payment System Management, CBN Ademola Adeleke noted that the new BVN guideline draft will be released for public vetting and contribution before been passed as a functional guideline.
See Also: CBN set to Kick-off Cashless Policy in 2020, imposes Charges on Deposits
The Group Managing Director, Access Bank noted that there has been about 89% fraud case in Nigeria in the past few years. These Fraud cases were performed via e-platforms. Only 11% of the fraud was performed offline.
It was on this basis that the consumer banks will collaborate with the apex bank. Their collaboration will allow them protect customers’ information and reduce the rate of cybercrime in the country.
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