CBN: No Court Order, No Access To BVN Information
So, it is important to clarify that this does not apply to regular day-to-day transactions between you and your bank.
The Central Bank of Nigeria’s circular issued yesterday directing applicants to get court orders before accessing BVN of bank customers is directed to lawyers and institutions like the Economic and Financial Crimes Commission.
If during their investigation, they need to get access to your suspect’s financial transactions, they’ll need to arm themselves with a court order, instructing the financial institution to provide the BVN of the suspect.
The apex bank said this on Tuesday in its amendment of the Regulatory Framework for the BVN Operations and Watch List for the Nigerian Financial System.
The Director, Banking and Payments System Department, CBN, Dipo Fatokun, in a circular issued to banks, mobile money operators and payment solution providers, said access to the BVN information would be subject to the approval of the CBN after the provision of a valid court order.
He said the circular, which would take immediate effect, is an amendment to the earlier circular on the regulatory framework for the BVN operations dated October 18, 2017.
“Section 1.6 of the framework: Eligibility for Access to the BVN, which stated, ‘The following entries may have access to the BVN information, subject to the approval of the CBN’, is now hereby amended to read thus: ‘The following entries may have access to the BVN information, after providing a valid court order, subject to the approval of the CBN’,” the circular said.
But why is no one asking why do we need the amendment, why now?