If you are a loan defaulter and probably a habitual one at that, the Bank Verification Number, BVN will be your nemesis.

The CBN under the auspices of the Bankers’ Committee has concluded plans to use the BVN of customers to blacklist loan defaulters and make sure they are unable to get loans from any bank in Nigeria.

The CBN Governor, Godwin Emefiele, said this at the end of a 2-day annual retreat of the Bankers’ Committee in Lagos on Sunday.

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Emefiele said the plan to blacklist loan defaulters came on the heels of the Bankers’ Committee’s decision to make more money available to more Nigerians, especially farmers and small business owners.

This is apparently part of efforts to grow the economy and create more jobs.

“We do expect them (customers who take loans) to meet their own side of the bargain because we have a credit registry; their names will go into the black book if they don’t pay.

“If their names go into the black book if they don’t pay, it means they have ruined their credit ratings. This is because we also agreed at this meeting (the Bankers’ Committee) that we are going to raise the standard of credit bureau and credit reporting in this country.

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“We are going to raise the standard to a point where there will be credit scoring for people who take bank loans.

“And when you are scored low or you are scored zero, we are going to use the BVN to block you from having access to any finance in the Nigerian banking or financial services industry,” Emefiele said. 

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