Nigeria, March 14 -- The Central Bank of Nigeria (CBN) has introduced stricter BVN-enrollment and data access rules, to prevent suspected fraudulent transactions, taking effect from 1 May.

This was disclosed in a statement issued on Friday, titled "Addendum to the Revised Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry 2021," and signed by Musa Jimoh, Director of the Payment System Policy Department.

The CBN said it introduced the 'Revised Regulatory Framework for Bank Verification (BVN) and Watch-List for the Nigerian Banking Industry 2021', to promote a stable financial system.

The apex bank reiterated that enrollment for the Bank Verification Number (BVN) be limited...