The Central Bank Of Nigeria has allegedly stoped FinTech Start-ups from BVN verification. This was hinted by many emergency messages sent out to customers by the affected companies. One of such messages read as follows;
“We’ve recently been made aware of a regulatory directive from the primary custodian of Nigeria’s BVN service to all their partners to suspend the provision of the BVN validation service to their third-party partners. This directive affects every non-bank in Nigeria that offers BVN Validation services. In light of this news, we’re hereby informing you that the BVN Resolve service will be temporarily unavailable starting at midnight, April 8, 2021.”
What you should know.
The move is going to force the start up FinTechs to look for alternative means of verification of customers. Such ways they could do this is by use of National identification number (NIN) of the country or international passport biodata of their customers.
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