Nigerian Banks Have Been Given A Deadline To Review Dead Customers BVN

The Central Bank of Nigeria (CBN) has asked banks and other financial institutions to notify the Nigeria Interbank Settlement System (NIBSS) of a deceased customer’s Bank Verification Number (BVN) within 24 hours of confirmation. The directive is included in the apex bank’s modified BVN guideline, which was signed by Musa Jimoh, the bank’s Director of Payment System Management. The circular read, “Within 24 hours of confirmation, report the BVNs of confirmed deceased clients to NIBSS for designation as “Deceased” on the BVN database.” The banks are also expected to delist the BVN from the watch-list using the watch-list report supplied […]



First Bank collaborates with NIBSS to promote digital payments.

First Bank of Nigeria Limited announced a collaboration with the Nigeria Inter-Bank Settlement System Plc on its recently established Nigeria Quick Response payment service. The NQR, it said in a statement on Wednesday, was a novel payment method implemented for all financial service providers and aimed to promote quick and easy transactions by scanning the code on a mobile device. According to the bank, the program lowered costs for merchants and banks by providing quick value for person-to-person and person-to-business transactions by just scanning to pay. Unlike other QR schemes, the NQR was established with lower charges that were less[…]



Delinquent Debtors Use Nigeria’s Judiciary To Thwart Recovery — Emefiele

Godwin Emefile, Governor of the Central Bank of Nigeria, said on Tuesday that obstinate debtors had exploited the Nigerian judicial system’s lack of prioritization of credit collection proceedings to thwart debt recovery operations by financial institutions in the country. The governor made this known in Abuja during a training for judicial officers on recent banking and financial services reforms in Nigeria: Banks and other Financial Institutions Act, 2020 in Focus. Emefiele, who was represented by Aisha Ahmad, Deputy Governor, Financial System Stability, emphasized the importance of the courts in preserving the CBN’s mandate and guaranteeing the financial system’s orderly operation.[…]