..Send text messages, others to customers As deadline of the Federal High Court’s interim order obtained by the Federal Government to freeze all accounts – corporate and individual – without Bank Verification Numbers (BVN) is fast approaching, Deposit Money Banks (DMBs) operating in the country have started reaching out to their customers, asking them to come and complete the biometric registration process. The development came as the Federal Government said that funds in 46 million bank accounts that have yet to be linked to BVN will likely be temporarily forfeited, just as no fewer than 15 million Nigerians living in the Diaspora with about N3 trillion have kicked against the action. But banks have started sending text messages and electronic mails to customers without BVN as majority of customers affected by the development were mostly those with names mismatch, findings by our correspondent has revealed. Also, customers, who have different names order across banks, were mostly affected, while the number of customers who had no BVN was very small compared to those who had complied with the directive. But contrary to indications that was credited to a Chief Executive Officer of a commercial bank that he and his colleagues will be unable to obey the directive of the Federal Government to forfeit customers funds in accounts without the BVNs have been reaching out to their depositors reminding them of the need to enroll for the BVN exercise. For instance, some banks SMS to their customers without BVN reads: “Dear Customers, Your Acct is *********.Kindly visits any of our branches to enroll for BVN or link your existing BVN via ATMs, website or the through the bank USSD code.” But before now, indications have emerged that a CEO of one of the banks reportedly stated that the directive by the CBN is not feasible. The CEO, who spoke under anonymity, said there are huge holes in the legitimacy of the order given by federal authorities. According to the CEO, “What of a situation where somebody has died and the matter is in administration, what do you want the bank to do? To give government the money and face litigation? “What of Nigerians who are abroad and are still struggling to get their BVNs? What if we send the monies to government and we are sued by the customer(s)? “And the 14-day time frame is very short. Why the rush? Why not give a time frame, maybe till 2018 for people to get their BVNs? Meanwhile, a source from another commercial bank, who was authorized to speak for the bank said: “Prior to this directive, we have been freezing the bank accounts of customers to enable them comply. The customers who are yet to do that are mostly those who have names mismatch problems. This will be resolved soon.” Another tier 1 bank noted that its bank would comply with the CBN directive to freeze accounts and publish names if there was no contrary order within the stipulated period. “We are already taking steps to communicate with customers who had yet to do so”, the source explained. The Daily Times recalls that the Federal High court had ordered the banks to disclose the details of all such accounts, their owners and their proceeds in their affidavit of compliance deposed to by their chief compliance officers. It also made an interim order directing the banks to freeze all the said accounts by stopping “ all outward payments, operations or transactions ”pending the hearing of the substantive application seeking the forfeiture of the balances in the accounts to the Federal Government. The banks were also directed to disclose “any investments made with funds from these accounts without BVN in any products. ” Such investments to be disclosed by the banks as directed by the court include “fixed/ term deposits and their liquidation and interest incurred, bank acceptances, commercial papers and any other relevant information related to the transaction made on the accounts”. The court also directed the CBN and the Nigeria Interbank Settlement Systems “to validate the information contained in the affidavit of compliance/disclosure filed by the respective 19 banks” within seven days from the date of service of the orders on them.]]>
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