CBN to close millions of bank accounts in Access, UBA, Zenith, First Bank, others

CBN to close millions of bank accounts in Access, UBA, Zenith, First Bank, others

The Central Bank of Nigeria (CBN) has announced plans to close millions of bank accounts across various financial institutions that are not linked to a Bank Verification Number (BVN). Blaise Ijebor, the CBN director of the Risk Management Department and Chief Risk Officer, who disclosed the plan at the Prembly Compliance Breakfast Dialogue on Thursday April 6, said the objective is to clean up the sector and reduce the growing incidence of fraud.

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The BVN is a unique identifier that captures the biometric data of bank customers and is used to verify their identities and prevent fraudulent activities.

Speaking further, Ijebor noted that the apex bank has been working with the Nigerian Inter-Bank Settlement System (NIBSS) to address the growing incidence of fraud in the sector.

He added that the financial regulator was looking at commencing the exercise soon but did not give an indication of when the CBN would begin the clean up.

CBN to close millions of bank accounts in Access, UBA, Zenith, First Bank, others

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