• Latest
  • Trending
CBN imposes e-payment ban on 572 bank customers’ BVN 

CBN imposes e-payment ban on 572 bank customers’ BVN 

May 8, 2023
Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

Call of Duty movie: Paramount, Activision strike deal for live-action adaptation

September 5, 2025
Meta Brings Back Facebook Poke with Emojis and Streaks

Meta Brings Back Facebook Poke with Emojis and Streaks

September 5, 2025
Know why they’re calling: Truecaller launches AI-powered insights

Know why they’re calling: Truecaller launches AI-powered insights

September 5, 2025
Visa harnesses local partnerships to launch Visa Pay in DR Congo

Visa harnesses local partnerships to launch Visa Pay in DR Congo

September 5, 2025
Betika denies recent reports of security breach

Betika denies recent reports of security breach

September 5, 2025
10 things you can actually buy with crypto in Africa

10 things you can actually buy with crypto in Africa

September 5, 2025
CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

CBE seals deal with Botim to enhance remittance services for Ethiopians living in UAE

September 5, 2025
Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

Nigeria Senate, SIBAN push for crypto regulation to boost digital economy

September 5, 2025
Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

Mamo Mihretu Resigns as Governor of Ethiopia’s Central Bank

September 5, 2025
Paratus Group introduces first private mobile network using LTE and 5G in Namibia

Paratus Group introduces first private mobile network using LTE and 5G in Namibia

September 5, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Tech News Africa Tech News

CBN imposes e-payment ban on 572 bank customers’ BVN 

Hauwa Ali by Hauwa Ali
May 8, 2023
149 1
0
CBN imposes e-payment ban on 572 bank customers’ BVN 
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

The Central Bank of Nigeria (CBN) has imposed an e-payment ban on 572 bank customers’ Biometric Verification Numbers (BVN) due to fraudulent activities.

The central bank also announced plans to assess the country’s payment system in order to prepare for future development in electronic banking transactions. 

This information was given by Adewuyi Adeyemi, Deputy Director of the CBN’s Payment System Department, at the 34th CBN seminar for finance correspondents and business editors, which was recently conducted in Calabar, Cross Rivers State.

 According to him, the decision was spurred by the difficulties and extensive transaction failures that bank clients encountered during the naira redesign programme, which witnessed an increase in e-payment transactions. 

RelatedPosts

Fraud: CBN directs Opay, Moniepoint, PalmPay, others to geo-tag PoS terminals

PremiumTrust meets CBN’s N200bn capital requirement for commercial bank’s license ahead of March 2026 deadline

NCC, CBN partner to address failed telecom transactions, enhance network service quality

Adeyemi went on to explain that the 572 consumers’ BVNs were added to a watchlist, resulting in their removal from the e-payment system. As a result, these customers must execute banking transactions in person at the bank branch where their account is registered. 

He explained that the bank accounts were placed on the watchlist for a variety of reasons, including suspected fraudulent or unlawful actions, violations of financial legislation, or noncompliance with anti-money laundering standards. According to Techpression, when accounts are placed on a watchlist, they are closely monitored by the CBN and other relevant agencies in order to prevent potential financial crimes and maintain regulatory compliance. 

Read also: CBN Monitors 6,047 BVNs for Fraud

Infrastructure audit for e-payment

Adeyemi stated that the recent spike in transaction volume had both advantages and disadvantages, and these spikes occurred twice in the last four years, during the COVID-19 pandemic and in January of this year, during the currency redesign.

“During the COVID, we had Payment System Vision, PSV 2020, where we were trying to drive e-payment adoption across many sectors of the economy. COVID actually pushed the bar because our target for e-payment transactions was actually exceeded.

“The same thing happened this year. I can say we were actually not ready for the spike in volume we experienced during the naira redesign. That is one of the reasons why we decided internally that this year we should actually conduct an infrastructure audit based on the principle of Financial Market Infrastructure, which is an international standard.

“We have done it before. It was part of the PSV 2020. We did it in 2018. So we know how to do it. We are not doing it as CBN. We are actually hiring a foreign consultant to do it to ensure there is no bias.

“The audit will give us an opportunity to benchmark our maturity level against international standards. That way we will be able to identify gaps in our infrastructure that we need to close if you really want to be there.”

How to check your NIN number on MTN, Airtel, 9mobile, and Glo

How CBN e-payment audit will affect bank customers

The audit of the Central Bank of Nigeria (CBN) e-payment system is likely to have several potential impacts on bank customers, both in the short and long term. 

During the audit, there may be some disruptions to the e-payment system, which could cause delays or errors in processing transactions. Customers may experience longer wait times or failed transactions, which could cause inconvenience and frustration.

One potential benefit of the audit is that it could lead to improved security measures for e-payment systems. This could help to prevent fraud and other forms of cybercrime, which could benefit customers by reducing the risk of financial loss.

The audit could identify areas where the e-payment system could be streamlined or made more efficient. This could lead to faster, more reliable transactions, which could be a benefit to customers who rely on e-payment services.

The audit could potentially lead to changes in the e-payment market, such as new providers entering the market or existing providers improving their services. This could increase competition, which could lead to better services and pricing for customers.

While the short-term impacts of the audit may be disruptive, the long-term benefits could be significant. A more secure, efficient, and reliable e-payment system could help to promote economic growth, financial inclusion, and technological innovation in Nigeria, which could benefit customers and the broader economy over time.

Tags: BVNCBNe-payment
Hauwa Ali

Hauwa Ali

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.