By David Kabiyesi
Difficult times await owners of bank accounts without the required Bank Verification Number (BVN) after Central Bank of Nigeria (CBN) vowed to close down such accounts in the coming months.
This piece of information was revealed by CBN director of the Risk Management Department and Chief Risk Officer, Blaise Ijebor.
He stressed that the move by the country’s apex bank is geared towards cleaning up the banking sector in a desperate bid to rid it of fraud.
“This account is dominated by digital banks or fintech firms, and often lacks BVN linkage, which makes it an easy entry point for hackers.”
“Secondly, some banks, especially digital ones, may not meet regulatory requirements, creating a second loophole for fraudulent activity.
“Lastly, hackers can exploit any vulnerability to gain access to bank accounts,” he said.
