CBN To Sanction Banks Charging MFB Customers For BVN Enrolment

By Nse Anthony-UKO

ABUJA, (Sundiata Finance) – The Central Bank of Nigeria (CBN) has said it will sanction banks who charge fees from Customers of Microfinance Banks seeking Bank Verification Number (BVN) enrolment.

Rising from the Bankers Committee Meeting in Lagos on Thursday, the CBN will sanction any bank that charges Microfinance Bank customers for. This is against the background of some feedback received at the committee, that some banks charge such MFB customers when they try to register for BVN.

Nnamdi Okonkwo, managing director/CEO of Fidelity Bank Plc, who addressed the media along with Demola Sogunle, chief executive officer of Stanbi IBTC Bank, and Isaac Okorafor, acting director, corporate communication, CBN and Ahmed Abdullahi, banking supervision, CBN, said “We looked at one issue that will jeopardise the financial inclusion and anything that will stop more and more people from being included into the formal financial sector, we will work jointly as banks to make sure that bottleneck is removed.

According to Okonkwo, “One key issue that came up today, was the issue of customers of microfinance banks who do not yet have BVN registered. Some feedback we got at the committee, was that some banks charge such customers when they try to register BVN. The Bankers Committee decided today that microfinance banks customers can walk into any bank and register their BVN free of charge”.

CBN, in April, directed microfinance banks, MFBs, mortgage banks and all other financial institutions, OFIs, to enroll their customers for the BVN, before August this year.

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