CBN reveals how BVN, cashless policy impacts money laundering

*Central Bank of Nigeria, CBN.

*Central Bank of Nigeria, CBN.

23 october 2015, Ibadan — The Central Bank of Nigeria, CBN, has revealed that the Bank Verification Numbering, BVN, and cashless policy introduced into the country’s monetary system have started taking tolls on money launderers, just as the apex bank urged bank customers who are yet to log into the BVN system to do so before the expiration date, which is the end of this month.

A team of the CBN, led by the Deputy Director, Consumer Protection, Mrs. Khadijah Kasim visited Ibadan, the Oyo State capital on Thursday on an enlightenment campaign during which the people of the state were further educated on the benefits derivable from the cashless policy and the need for the citizenry to fully embrace the electronic payment.

While disclosing that the cashless policy had succeeded tremendously in checkmating fraudulent activities in the system, the CBN Deputy Director remarked that “the biometrics provided have been making it difficult for impersonation whereby faceless people are engaged in money laundering, while other unethical transactions are also being reduced to the barest minimum.”

On the BVN exercise, Mrs Kasim enjoined Nigerians who are yet to comply to “take advantage of the few days remaining to perfect their registration.”

Her words: “The deadline was initially June 30. It was extended to the end of October. By now, we expect all Nigerians to have registered before the expiration date and ensure that they get their BVN. Nigerians should take advantage of the few days remaining to perfect their BVN registration.”

Speaking earlier in a presentation entitled “Payments System: Cashless Nigeria and Consumer Protection”, another official of the CBN, Mr. Caleb Orji disclosed that the apex bank would soon come up with initiatives for the visibly impaired persons to enable them operate their bank accounts effectively.

In another presentation on “Rights and Duties of Bank Customers”, another CBN official, Mr. Damola Atanda warned Nigerians to be safety conscious in the handling of their bank documents, including the ATM cards since, according to him, “unscrupulous people have started using other peoples accounts to perpetrate fraudulent activities.”

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