Just when people thought that everything needed to be known about the Bank Verification Number, BVN, and everything associated with it had been bared by the Central Bank of Nigeria, CBN, they introduce another stringent measure which could possibly be aimed at checking fraud.
CBN has made it known that customers who want to change their accounts names to completely new ones as a result of the ongoing BVN registration and linking of their accounts will from now present a letter from the Nigeria Financial Intelligence Unit (NFIU).
The information was written in a circular issued last week by the CBN and signed by its director, Banking and Payment Systems Department, Dipo Fatokun, officially instructing all banks to permit all their customers experiencing difficulties in linking their Bank Verification Numbers to their accounts, to effect the appropriate corrections.
The letter from the NFIU exonerating the bank customer from any fraud case will be submitted together with other necessary documents before the bank can make the change of name effective on the accounts.The director who pointed out in the circular that the CBN had gotten quite a number of reports of customers experiencing difficulties linking their BVN to their accounts due to differences in their records on the BVN database and core banking applications with the DMB, also stated that in a bid to solve the problem, CBN has given an approval for the correction of dates of birth on BVN records to be done as long as the customer presents documents that prove the correct date of birth to be true.
Some other changes for rectification of inaccurate information approved by the CBN include change of name as a result of marriage. This is to be corrected when a customer presents the supporting document which includes marriage certificate/affidavit, while minor corrections in name due to misspelling was approved for correction with supporting documents like international passport showing the correct name.
Even though there was an approval of change of names which completely, or partially, differ, Mr. Fatokun said such can only be allowed after the customer had produced supporting document to the change of name, including a report to the Nigerian Financial Intelligence Unit (NFIU) as a suspicious transaction.
The CBN however insisted that the names of bank customers on the BVN must be exactly the same in every of their accounts in all banks. As the CBN director said, customers who desire to close their accounts should be allowed to do so and in a case where such an account was not linked with the BVN, the CBN said an instruction for payment should be issued in the name in which the account was opened with.