• Saturday, February 24, 2024
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BusinessDay

CBN issues guidelines on BVN enrolment for Diaspora bank customers

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The Central Bank of Nigeria (CBN), in collaboration with key stakeholders, has finalised the guidelines for the enrolment of Nigerian banks’ customers in the Diaspora for Bank Verification Number (BVN) issuance.

Consequently, Nigerian banks’ customers in the Diaspora could present themselves for enrolment for the BVN, without coming to Nigeria, through the use of foreign-based Nigerian banks or use of a consultant – Online Integrated Solutions (OIS).

Nigerian banks abroad are expected to capture necessary data, generate a BVN and communicate same to the customers. Thereafter, the customers are expected to forward the assigned BVN to their banks, for linkage with their accounts.

The CBN said a web portal to achieve this linkage to bank accounts had been developed and deployed, while the process of such linkage would be made available by Nigeria Inter-Bank Settlement System (NIBSS) to all those enrolled abroad.

In a circular signed by director, banking and payments system department, CBN, it stated that all deposit money banks with branches/subsidiaries abroad were enjoined to work with NIBSS to ensure seamless implementation of the option.

Meanwhile, OIS has been engaged to establish stations for data capture and generation of BVN at a fee of 30 pounds or its equivalent per transaction, payable by the customer.

On the other hand, the CBN said it was in the process of reviewing the Guide To Bank Charges (GBC) and consequently requested banks and other financial institutions to provide a list of their existing products and services as of March 31, 2013, which were not adequately covered in the extant Guide to bank charges.

They are also to provide a list of new products and services introduced from April 1, 2013, to date, their fees and charges, and justification for such fees and charges.