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CBN to sanction fraudulent bank customers
Worried by reported cases of fraud, the Central Bank of Nigeria (CBN) is to put modalities in place to sanction fraudulent bank customers nationwide.
Speaking at the October meeting of Nigeria Electronic Fraud Forum (NeFF) in Lagos, CBN Director, Banking and Payment, Dipo Fatokun explained that the weekend when unveiled, would give the regulator the legal backing to use the Bank Verification (BVN) platform to identify, watch-list and blacklist fraudulent account holders in all the 22 banks and Other Financial Institutions (OFIS).
He explained that the framework, which is at the final stage of its approval, would soon be sent to the Committee of Governors of the Central Bank for examination and exposure to the banking industry.
He said: “It is a policy issue and therefore, has to go to the Committee of Governors of the Central Bank, which will look at it and do an industry exposure. These will be completed, hopefully, before the end of the year.”
