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Tuesday, May 11, 2021

CBN bans Paystack, other FinTech companies from BVN validation

The Central Bank of Nigeria (CBN) has banned Paystack and other Non-Banks financial technology firm from offering the BVN validation services.

This was revealed in a message sent by Paystack to its customers on Thursday.

The message reads: “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 service.

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Paystack however stated that it had temporarily suspended its BVN validation service effective midnight of April 8, 2021.

NIGERIANS REACTS

Nigerians have taken to their social media handle to criticize what they described as continuous attempt by the CBN to suffocate technological innovations in the country.

The CBN had earlier faced heavy criticisms after it banned cryptocurrency in the country some months ago. A software engineer, Tosin Olugbenga, lamented that CBN directives are needlessly killing lots of upcoming technology companies.

He wrote via his twitter handle, “CBN has banned paystack and others from providing BVN validation services for customers. SEC also banned Bamboo, Chaka etc and they killed businesses like Patricia.. Nigeria was built to frustrate you!”

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