WHAT?? - CBN Suspends Fintechs, Third party From Offering BVN Validation

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Nigerian CBN seems to be trying everything it can to make FinTech sweat, and Nigerians are getting their NIN verification number in every way possible. The Central Bank of Nigeria has reportedly suspended fintech and other independent partners from providing BVN validation services.

This was made known in an email recently shared to all paystack subscribers which stated that;

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.”

I equally got a similar message from Bundle Africa since they use available technology from Paystack to match their subscriber’s identity to the BVN database.

What this means is that non-banks will have to look for alternative ways to carry out identity verification (KYC) for their users through NIN, Voter ID, Driver’s license, etc.

If your BVN has been validated before on any Fintech platform, you may(I’m not sure yet) be required to re-confirm your identity.

Though we are still waiting for more updates on this.

H/T: Nairametrics

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