BVN: Firstbank, others risk losses as ultimatum expires
Should the Federal Government go ahead to implement the court order on funds forfeiture for about 46 million accounts yet to be linked to the Bank Verification Number (BVN) , First Bank and some other first generation banks are likely going to be at the receiving end, National Daily has gathered.
According to a source, these banks have the largest number of dormant accounts because of how long they have been in the business.
The source explained that some new generation banks also have large numbers of accounts, but majority of their customers are from the middle class.
He said many of the customers joined the banks during or after the banking consolidation of 2005, in what is regarded in the banking industry as ‘’Flight to Safety’’.
“A lot of the members of the middle class tend to associate more with some new generation banks. So, even though the accounts are many, but they remain largely active,” the source sai
The banks with the largest impact are likely to lose deposits running into billions of naira, and that may affect their liquidity positions.
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