Over 7000 BVN Accounts Under Our Watch List For Fraud Related Transactions – CBN

About 7,552 Bank Verification Number (BVN) accounts have been placed under the Central Bank of Nigeria’s (CBN) watch-list for cyber-crime and fraud related transactions.

The apex bank said it is closely monitoring those related accounts before further actions can be taken, Truetells Nigeria gathered.

This revelation was made on Tuesday by the CBN Director of Payment Systems Management department, Musa Jimoh, at the 34th seminar for finance correspondents and business editors themed; “Implementing a Robust Payment Architecture: Prospects, Oppourtunities and Challenges” which held in Calabar.

The revelation was against the heels of how suspected fraudsters use accounts for fraud related issues in the dispensation of the cashless policy.

Jimoh, explained that even though the issue of cyber threats has affected the confidence of the public, the payment system in Nigeria is very good and provides huge opportunities for economic revival and growth.

He, however, noted that the CBN is in collaborative efforts with major stakeholders in the industry to curb the activities of fraudulent people.

Jimih, who was represented by the Deputy Director, Payment Systems Management Department at CBN, Adefuye Adeyemi, submitted that despite all the challenges in the payment system, the outlook for the payment system in Nigeria is very good and provides huge oppourtunities for economic revival and growth.

Speaking on the theme of the event, Jomoh advanced that “PSV 2025 provide key recommendations on area of focus for the payment industry in the period under scope. The industry keeps attracting new entrants who through innovation, provide new solutions to emerging problems.

“The bank is the gate-keeper to the payment system through it’s licensing function which helps to ensure only fit and proper persons are admitted into the payment systems.

“As such, our focus in CBN will be on strengthening the institutional and regulatory frameworks that will further encourage development of the payment system and promote the usage of secure electronic payments systems enunciated in the PSV 2025 strategic plan.”

He also disclosed that the volume of electronic transactions in the country grew by 836.50% in nine years, noting that the cashless policy programme currently being implemented will take the nation’s economy to the next level.