Can loan apps block BVN?

Category: Finance

Loan apps cannot block BVN because they are not following the regulation of money lending in Nigeria and for that reason, they are not seen as registered microfinance banks or financial institutions in Nigeria.

Additionally, it is only the Central Bank of Nigeria (CBN), that has the power or authority to block an individual BVN.

And they can only do that if a registered bank in Nigeria reports an individual’s bank account once they suspect it of being involved in fraud or refusing to pay back an eligible loan.

Read the article below to discover more about why loan apps cannot block your BVN.

Tag: BVN

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