The Central Bank of Nigeria (CBN) has directed banks and other financial institutions to report Bank Verification Number (BVN) of a deceased customer to the Nigeria Interbank Settlement System (NIBSS) within 24 hours of confirmation.
The directive is contained in the revised BVN guideline issued by the apex bank and signed by its Director, Payment System Management, Musa Jimoh.
“Report the BVNs of confirmed deceased customers to NIBSS for designation as “Deceased” on the BVN database within 24hrs of confirmation,” the circular said.
The banks are also expected to use the watch-list report submitted by participants and duly endorsed by the Managing Director/CEO of the Institution, with clearance from the Director, Risk Management Department of CBN to delist the BVN from the watch-list.