Kemi Adeosun urges Central Bank of Nigeria to Implement Bank Verification Number in Microfinance Banks

   Minister of Finance, Kemi Adeosun, has urged the Central Bank of Nigeria, CBN, to implement the requirement for Bank Verification Number ,BVN,  to account holders in Microfinance Banks .

    This, she said, would facilitate the on-going federal government staff verification exercise, aimed to eliminate ghost workers in the federal payroll.
   Adeosun noted that the introduction of the BVN by the CBN has contributed immensely in improving the integrity of the Federal Government payroll on which more than 50, 000 ghost workers have been detected and removed.
   She stated that operating bank accounts in Microfinance Banks without requirement for BVN has left a huge loophole which individuals intent on financial crimes could use to hide and launder proceeds of crime and successfully escape detection by law enforcement agencies.