Amnesty activists shouldn’t protest as a result of BVN verification, says FG

The Presidential Amnesty Programme, or PAP, has asked delegates with Bank Verification Number, or BVN, related issues to maintain their composure because the ad hoc verification committee has resolved about 750 cases that are waiting for payment approval.

Any impacted former agitator who participates in a protest against the exercise will be removed from the programme, the PAP warned.

Asserting that Maj. Gen. Barry Tariye Ndiomu (retd), the interim administrator of the Presidential Amnesty Programme, was making every effort to resolve all BVN-related cases, Comrade Tonye Bobo, the Director of Mobilization Strategic Communication Committee (STRACOM) of the PAP, issued the warning in a chat with journalists over the weekend.

Comrade Bobo said, “the adhoc verification committee is working in accordance with the provisions of the regulatory framework put in place by the Central Bank of Nigeria for operations and Watch-list for the Nigerian Banking Industry.

“Any breach of the act would incur serious sanctions and penalties on the part of any affected ex-agitator,” he cautioned.

You can read more of such stories at Credible News.

• CBN Will Henceforth Determine The Amount You Can Withdraw from Your Account
• CBN Governor Emefiele Gives Real Reason He Can’t Honour House of Reps Invite
• World Bank Says Nigerian New Naira Notes not Timely as CBN Releases It’s Security Features

Recall that the Central Bank of Nigeria, CBN, in collaboration with the Bankers’ Committee, deployed a centralised Bank Verification Number, BVN, System in February 2014.

This was part of the overall strategy of ensuring the effectiveness of Know Your Customer, KYC, principles, in a bid to promote safe, reliable and efficient payment system which gives each customer in the Nigerian banking industry a unique identifier number.

“The BVN system is to address increasing incidence of frauds and to enhance public confidence in the banking industry. This Framework, without prejudice to existing laws, is a guide for the operations of the Watch-list in the Financial System.

“The Watch-list is a database of customers identified by their BVNs, who have been involved in confirmed cases of breaches, as defined within the framework,” he said.

This process is aimed at using BVN to deter, detect, and mitigate the risks of fraud in the banking industry, and every customer is meant to have a personal BVN number linked to his or her bank account.

You can read more of such stories at Credible News and The Cheer News