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CBN Disclose 6,000 BVN Watchlist, as Fraud List Rises by 13.09%

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According to information released by the Central Bank of Nigeria (CBN), there are at least 6,047 Bank Verification Numbers on its watch list due to fraudulent activities.

This was mentioned by CBN in its Financial Stability June 2022 report, which was posted on its website in December 2022.

11,871 BVNs have been added to the watch list this year as deceased individuals, according to the study.

In order to determine compliance with the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry during the review period, the study states that 28 banks and the Nigerian Interbank Settlement System were evaluated.

It stated that some breaches were discovered by the assessment, and that consequently, regulatory actions were taken.

The number of enrolled BVNs increased to 54.65 million, according to the data, from 2.72 million in the first half of this year.

According to the data, there were 130.57 million BVN-linked accounts out of 148.46 million active accounts.

“Also, 2,722,518 BVNs were enrolled, bringing overall BVN enrolment to 54,651,086, showing an increase of 5.24 per cent over 51,928,568 enrolments at end-December 2021,” the report stated in part.

Out of 148,462,947 active customer accounts, there were 130,569,656 accounts linked with BVNs, and there were 6,047 and 11,871 BVNs related with fraud and deceased people, respectively, on the watch list.

According to the data, the CBN overall number of BVNs on fraud watch lists increased by 13.09% from 5,347 in December 2021 to 6,047 in June 2022.

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