CBN bans Paystack and other non-bank firms from validating Customers BVNs

According to recent reports, the Central Bank of Nigeria has barred all fintechs and other third-party partners from providing BVN validation services. The information was made public through an email sent out by one of the affected firms, Paystack, to its customers.

“We’ve recently been made aware of a regulatory order from the primary custodian of Nigeria’s BVN service to all their partners to terminate the supply of the BVN validation service to their third-party partners,”  part of the email read.

It further stated that every non-bank financial firm in Nigeria that provides BVN Validation services has been affected by this order. As a result of this information, the BVN Resolve service has been inaccessible since midnight of April 8, 2021.

 

 

 

 

 

 

 

 

In other words, non-bank financial institutions in the country may have to explore alternative means of conducting identity authentication (KYC) for their customers. Other options could involve using NINs, voter IDs, or driver’s licenses for KYC verifications.

Details will be released shortly…

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