“As you are aware, the deadline expired on July 31, 2017, and consequently several OFIs are in breach of this regulatory directive,” the statement read.
According to the statement signed by Tokunbo Martins, director, other financial institutions supervision department, the apex bank extended the deadline after appeals from various bodies.
In March, Kemi Adeosun, minister of finance had written to Godwin Emefiele, CBN governor, requesting that the BVN registration exercise be extended to microfinance banks.
“We have already commenced a review of such cases to identify and investigate cases of fraud,” she had said.
“We know that extending the requirement for BVN to microfinance banks may put a huge financial strain on the smaller microfinance banks; but some such as National Police Force microfinance (NPF), have over 27,000 salary accounts.
“Our inability to perform checks on such a large number of salary earners is a key risk.
“This will support the federal government’s efforts at reducing leakages to create headroom for the capital projects that will support the growth of the economy.” SHARE YOUR STORY WITH US VIA EMAIL: INFO@247NIGERIANEWSUPDATE.CO RECEIVE NEWS VIA OUR WHATSAPP, KINDLY TEXT +234 701 056 0394 TO ADD YOU CLICK HERE TO JOIN US ON OUR YOUTUBE CHANNEL FOR NEWS UPDATE CLICK HERE TO JOIN US ON TWITTER FOR INSTANT NEWS UPDATE: @247NGNEWSUPDATE CLICK HERE TO JOIN MILLIONS AROUND THE GLOBE TO READ NEWS ON OUR FACEBOOK FAN PAGE FOR INSTANT UPDATES ON INSTAGRAM CLICK HERE RECEIVE INSTANT NEWS UPDATE VIA OUR BBM BROADCAST: D3EDEFDF PLACE YOUR TEXT ADVERT BELOW:>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>