Pursuant to a circular dated 12th October 2021, the CBN has issued a revised Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry (the Revised Regulatory Framework).
The Revised Regulatory Framework reiterates the CBN’s stance on most of the provisions in the previous Regulatory Framework on BVN whilst introducing salient amendments to meet the current realities in the banking and financial services industry, particularly the applicability of the BVN regime to mobile money wallets/operations and the exemption of Tier-1 accounts from participating in the BVN database, amongst other key amendments.
This Newsletter serves to highlight the key changes that have been made by the CBN in the Revised Regulatory Framework.
