About 30 million BVNs have so far been registered, says CBN

CBN Chief: About 70 per cent of bank frauds happened from within and that the apex bank is aware of the fraudsters, but there is still no law for punitive measures.


So far, about 30 million Bank Verification Numbers (BVN) have been linked to the several bank accounts operated in the country, says the Central Bank of Nigeria (CBN)

According to a report by The Guardian, CBN Deputy Director, Banking and Payment System, Musa Itopa-Jimoh, gave the figure while speaking to it in a post-event interview at the maiden edition of the Cyber Security Conference 2017, organised by the flagship of the Nigerian media in Lagos.

The Guardian reportedly said Mr. Itopa-Jimoh, was in Lagos to represent the Director, Banking and Payment System, CBN, Dipo Fatokun,  and also revealed that the CBN is building a watch list of events in the sector as it relates to security breaches, stressing that the BVN would significantly help reduce the incidence of fraud and the likes in the industry.

On the increasing level of fraud in the Nigerian banking industry as at 2016, the CBN chief, affirmed that 70 per cent of bank frauds happened from within and that the apex bank is aware of the fraudsters, but there is still no law for punitive measures.

“But I think, it is just a matter of time, we shall soon resolve all those matters. Already, there will be a watch list as regards fraud activities. The CBN and the Nigeria Police Force will set up an ePayment and crime unit to further fight that battle,” he said.

In the paper presented by Musa Itopa-Jimoh on behalf of Fatokun, the apex bank said it has partnered with Nigeria Inter-Bank Settlement System (NIBSS) to procure and install an industry anti-fraud solution in furtherance of its efforts at combating fraud in the industry.

According to Itopa-Jimoh the solution to banking fruad, is an industry fraud monitoring tool that ensures behavioural monitoring, patterns and hold/block controls on transaction suspected to be fraudulent. To that, he added that the CBN also directed all stakeholders to establish and maintain dedicated fraud desks in their respective organizations.

Mr Itopa-Jimoh added that “The bank had issued various policies and circulars on industry related fraud detection and prevention.”

Checks by The Guardian on the Nigeria Inter-Bank Settlement System (NIBSS) showed that as at January 2017, there were 74.5 million total bank accounts in Nigeria, with 66.6 million being active. There are 25 million current accounts, while 69.4 million are run as savings account.


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