The Central Bank of Nigeria (CBN) has issued a Revised Regulatory Framework for Bank Verification Number Operations and a Watch-List for the Nigerian banking industry.
The CBN, in its circular of October 12 2021 stated that the revised framework will “enhance effectiveness of customer due diligence and Know Your Customer processes as part of the overall strategy for promoting a safe and efficient banking and payment system.”
This framework as issued by the CBN promotes the stability of the financial sector. It is also necessary in order to ensure that the financial sector keeps up with industry developments.
Click here to access the CBN circular dated October 12 2021.
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