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 […]