FG ORDERS IMPLEMENTATION OF BVN IN MICROFINANCE BANKS

The Minister of Finance , Mrs. Kemi  Adeoshun has directed the Central Bank of Nigeria, CBN,  to extend the requirement for Bank verification Number [BVN] to account  holders  in Micro finance Banks.

In a statement by the Director, Information in the Ministry, Salisu Dambata, the Minister said the rule would facilitate the detection of bank account which might have been opened and operated in such banks for ghost workers by fraudulent syndicates.

Mrs. Adeoshun explained that operating account in Micro Finance Banks  without requirement for BVN  had left huge loop hole which fraudulent individuals could use to hide and launder proceeds  of crime and escape detection by law enforcement agencies.

Mrs. Adeoshun said prior to the deadline for obtaining the BVN, the movement of a large number of salary accounts of Federal  employees from commercial Banks to Micro finance Banks were observed.

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