Banks will henceforth restrict accounts and BVNs linked to fraudulent activities

The order was contained in a framework released by the CBN to guide the banks in the operations of the BVN.

The framework came barely one year after the CBN mandated all bank customers in the country to obtain their BVN.

And it looks like some banks have already started the implementation of the mandate. For instance, an email from Skye Bank to its customers indicates that the bank has already updated its terms and conditions to include the mandate.

The email reads in part: “if a fraudulent activity is associated with the operation of your account, you agree that we have the right to apply restrictions to your account and to report to appropriate law enforcement agencies.”

See the letter in full.