CBN to extend BVN to microfinance

Nigeria Consumer News

The federal government has asked the Central Bank of Nigeria to extend the requirement for the Bank Verification Number (BVN) to account holders in microfinance banks. Kemi Adeosun, Nigeria’s minister of Finance, said this in a letter to the CBN governor, Godwin Emefiele.

She said the extension would help identify bank accounts which might have been opened and operated for ghost workers by fraudulent syndicates, Channels TV reports. The BVN use is only limited to account holders in the deposit money banks.

Read more: NAIJ.COM

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