7,552 BVN accounts on CBN watchlist over cybercrimes

7,552 BVN accounts on CBN watchlist over cybercrimes

The Central Bank of Nigeria (CBN) says about 7,552 BVN accounts are currently under its watchlist for cybercrime and other fraud-related transactions.

The CBN Director, Payment Systems Management department, Musa Jimoh, said this on the sidelines of the 34th seminar for finance correspondents and business editors themed in Calabar.

Jimoh spoke through the Deputy Director, Payment Systems Management Department at CBN, Adefuye Adeyemi, who represented him at the event.

He noted that although the confidence of the public had been impacted by cyber threats, collaborative efforts between the bank and the industry was helping to curtail fraudulent activities.

According to him, the CBN is closely monitoring some accounts and has about 7,552 accounts on its Bank Verification Number (BVN) watchlist.

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• 7,552 BVN accounts on CBN watchlist over cybercrimes

Jimoh also said despite the challenges in the payment system, the outlook for the payment system in Nigeria was good, providing huge opportunities for economic revival and growth.

He said the apex bank would continue to adopt a collaborative approach to achieve minimal cybersecurity threats in the payment system.

He said, “The PSV 2025 provides key recommendations on area of focus for the payment industry in the period under scope. The industry keeps attracting new entrants who through innovation, provide new solutions to emerging problems.
“The bank is the gatekeeper to the payment system through it’s licensing function which helps to ensure only fit and proper persons are admitted into the payment systems.

“As such, our focus in CBN will be on strengthening the institutional and regulatory frameworks that will further encourage development of the payment system and promote the usage of secure electronic payments systems enunciated in the PSV 2025 strategic plan.”

The apex bank also revealed that the volume of electronic transactions in the country grew by 836.50 per cent in nine years, noting that the cashless policy programme currently being implemented would take the nation’s economy to the next level.

7,552 BVN accounts on CBN watchlist over cybercrimes