Commercial banks still flout CBN guidelines on BVN, failed transactions – Rep – Blueprint Newspapers Limited

A member of the Plateau State House of Representatives, Dachung Bagos, has alleged that commercial banks in the country are still flouting Central Bank of Nigeria guidelines on Bank Verification Number (BVN) and levying fees on bank accounts. failed transactions.

According to Bagos, commercial banks in Nigeria have categorically disobeyed and continue to hold money from failed transactions longer than necessary, against the directives of the Central Bank of Nigeria and to the detriment of Nigerians.

He said about 45.85 million bank accounts were still unlinked after the Bank Verification Number (BVN) was introduced by the Central Bank of Nigeria (CBN) in 2014.

“Data released by the Nigerian Interbank Settlement Systems (NIBSS) on June 23, 2021 revealed that the total number of bank accounts in Nigeria as of May 2019 was pegged at 122.071 million. But active accounts in May 2020 stood at 72.936 million.

He said, “The lack of legal regulatory framework and political will to manage unclaimed assets, especially abandoned and trapped funds in commercial banks, will continue to put Nigeria behind so many countries in the world that have developed the legal framework to deal with these assets. »

“There has been a recent disclosure on funds collected by commercial banks on behalf of some key Federal Government Ministries, Departments and Agencies (MDAs) to the tune of N1.2 trillion.

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