The Central Bank of Nigeria (CBN) says release of customer’s Bank Verification Number (BVN) information to applicants by financial institutions in the country must now be backed by a valid court order.

In a circular dated July 4, 2018, signed by ‘Dipo Fatokun, Director, Banking and Payments System Department, the CBN announced the amendment to Section 1.6 of its Regulatory Framework for Bank Verification (BVN) Operations and watch-list for the Nigerian Financial System. The circular titled “Eligibility for access to BVN,” (BSD/DIR/GEN/CIR/04/010) dated October 18, 2017, states that “the following entities may have access to BVN information, subject to the approval of the CBN.”

Following the amendment, the framework now referenced BPS/DIR/GEN/CIR/05/007, which takes immediate effect, reads: “The following entities may have access to BVN information, after providing a valid court order, subject to the approval of the CBN.”

The original regulatory framework, stakeholders that may have access to BVN information, subject to CBN approval (which now has a Court Order as pre-requisite), include Deposit Money Banks, Other Financial Institutions, Mobile Money Operators, PSPs, Law Enforcement Agencies, credit bureaus and other entities as applicable, all of which shall pay access fees to be determined from time to time as approved by the apex bank.