A source told us that 5 million of the 52 million customers failed to adhere to the directives issued by the Central Bank of Nigeria and the Nigeria Interbank Settlement System Plc (NIBSS).
However, when visited some of the banks in Lagos, there were commotion and stampede in as customers said complained they were denied access to their accounts.
Meanwhile, stakeholders in the industry affirmed that the exercise would curb 10, 612 fraud cases.
The cases of fraud recorded last year showed an increase of 183 per cent, amounting to N25.61 billion, according to data from the Nigeria Deposit Insurance Corporation (NDIC).
According to the Managing Director/CEO of NIBSS, Fola Shonubi, the BVN initiative, by helping banks to identify and blacklist fraudulent customers, will help to boost retail credit in the banking industry. The NIBSS boss, who is responsible for the implementation of the BVN, in a statement, explained that once banks are able to identify and blacklist fraudulent customers, they would be encouraged to extend loans to those customers that are credit worthy and do not have any record of being delinquent borrowers.
TheSun
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