Central Bank Of Nigeria Gives Bank Customers 9 Months To Get Bank Verification Number •...Recommends Reward Scheme For E-Payment Usage

By June 2015, all banks’ customers are expected to have got Bank Verification Number (BVN) by registering biometric information with their banks.
This is contained in a circular from the Central Bank of Nigeria (CBN) to all Deposit Money Banks (DMBs), entitled: “Circular on the accelaration of bank verification number project.”

The circular available in the bank’s website and signed by the Director, Banking and Payments System Department of CBN, Dipo Fatokun, stated that by March 2015, transactions valued at N100 million and above should only be allowed for customers with the BVN and any customer without BVN by June 2015 will be deemed to have inadequate Know Your Customer (KYC) requirements.

According to the circular, “to increase the tempo in the enrollment by DMBs customers on the BVN, and to start coupling the enormous benefits of the project, it is imperative to stipulate milestones for the implementation of the project.

“DBMs should intensify efforts to sensitise their customers on the aforementioned development and enroll them for the BVN accordingly.”

The apex bank said DMBs are required to submit to the Nigeria Interbank Settlement System (NIBSS), as part of their weekly returns on customers account details, the account status of customers that have submitted their BVN and those that have not.

“NIBSS, in turn, will render consolidated returns to the CBN weekly, starting from October 1, 2014. The Central Bank of Nigeria will monitor compliance with the requirements of this circular, and defaulters will be sanctioned,” the circular read in part. 

Meanwhile, The Central Bank of Nigeria (CBN), late last week, approved an industry-wide incentive scheme and awareness campaign for electronic payment stakeholders and users.

The scheme, it said in a circular, was meant to reward users of electronic payments in Nigeria and to encourage greater adoption by all, with emphasis on channels of electronic payments that promote financial inclusion.

A circular available in the bank’s website and signed by the Director, Banking and Payments System Department (CBN), Dipo Fatokun, stated that though refund of cash based on card usage is currently being implemented by all banks, starting from December 1, 2014, Point Based Reward System (PBRS) will be adopted to reward card holders.

PBRS is a reward system whereby NIBSS, in conjunction with other service providers, will track the frequency of card usage by the holder and reward same accordingly.

According to the apex bank, with effect from November 1, 2014, Merchants Service Charge (MSC) rate will be reduced from the current 1.25 per cent (N2,000) to 0.75 per cent or a maximum of N1,200 per transaction. It also stated that free Commission on Turnover (COT) will be adopted for  merchants ahead of 2016, such that inflows into the accounts of merchants will be exempted from the calculation of COT at the end of each month.

Also, “salespersons will be encouraged to support electronic payments by having them enrolled on the tipping point schemes, through which they will earn points accrued over a period. Such points may be redeemed by the salespersons through various gift items or cash,” the circular read in part. 

Source: Nigerian Tribune
Nigeria 366628972109983938

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