
CBN To Stop Customers On Watchlist From Using Banks, Accessing Loans
The Central Bank of Nigeria (CBN) has said that it will stop customers on watchlist from using banks and accessing loans. Information Guide Nigeria
According to NAIRAMETRICS, customers on watchlist may be barred from entering a new relationship with any participant (banks) and accessing loans.
👉 Relocate to Canada Today!
Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaThis was disclosed in a Revised Regulatory Framework for Bank Verification Number (BVN) operations and Watch-List for the Nigerian Banking Industry signed by the Director, Payments System Management Department, Mr Musa Jimoh.
Read Other Top News:
- N20bn Bailout Fund: Kogi Govt Accuses EFCC
- IMF Advises FG To Remove Fuel, Electricity Subsidies
- Bauchi Proposes N195bn in 2022 Budget
- US Signs $2.1bn Development Assistance Deal With Nigeria
According to the CBN, the act will enhance the effectiveness of customer due diligence and Know Your Customer (KYC) processes as part of the apex bank strategy for promoting a safe and efficient banking and payments system.
NAIRAMETRICS reports that Mr. Jimoh said customers who misuse identity and financial information, engage in identity theft, breach of confidentiality, use of forged documents, forgery, compromise, complicity, and connivance will serve due punishment in line with the new regulations.
Other offences listed include Duplicate enrolment, use of fictitious information, receptions of proceeds of deceit, deception, receipts of fraudulent funds, and any other infringement of AML/CFT legislation, as well as dishonest behaviour.
The document states that the punishment includes being barred from entering a new relationship with any participant (banks) and if a financial institution chooses to continue an existing business relationship with holders of accounts/wallets on the watch-list, the account holder will be prohibited from using all electronic channels, including but not limited to ATM, POS, Internet Banking, Mobile Banking, and USSD, including the issuing of new cards.
-
“I’m Frustrated”: Tonto Dikeh Cries OutFebruary 6, 2023
According to NAIRAMETRICS, the document further stated that a customer on the watch-listed BVN shall not reference accounts, access, or guarantee credit facilities. Jamb Result
However, the CBN has said that it will continue to monitor development in the banking industry and issue further directives as might be appropriate in the nearest future.
👉 Relocate to Canada Today!
Live, Study and Work in Canada. No Payment is Required! Hurry Now click here to Apply >> Immigrate to CanadaCheck and Confirm: How much is Dollar to Naira Today Pounds to Naira Today
👇👇👇👇👇
Canada Immigration!
Relocate to Canada, USA, UK, Europe, Australia, and New Zealand with your family. See the Latest Oversea Jobs with Visa Sponsorship plus our EXPERT guidance and tips. Its FREE!
Click here to Subscribe
👇👇👇👇👇
👍Advertise your business on InfoGuideNigeria.com!
From just N9,999 per month, you can advertise your products and services to over 1,500,000 monthly users on our website. Click here to read more.
Copyright Warning!
Contents on this website may not be republished, reproduced, or redistributed either in whole or in part without due permission or acknowledgment.
.
Proper acknowledgment includes, but not limited to (a) LINK BACK TO THE ARTICLE in the case of re-publication on online media, (b) Proper referencing in the case of usage in research, magazine, brochure, or academic purposes,.
.
All contents are protected by the Digital Millennium Copyright Act 1996 (DMCA).
.
.
We publish all content with good intentions. If you own this content & believe your copyright was violated or infringed, please contact us for immediate removal.
🤑 Start Making Money from home today!
.
🤑 Make Money now!
👉 Make money writing for us. Apply for Freelance writing jobs in Nigeria.
👉 Make Money as InfoGuideNigeria Advertising Agents, read more here
.