Modupe Gbadeyanka
By Modupe Gbadeyanka
Pan-African financial institution, United Bank for Africa (UBA) Plc, has updated its ‘terms and conditions’ clause for account opening packages.
In an email sent to its customers last week, the lender explained that the update became necessary as a result of the recent announcement by the Central Bank of Nigeria (CBN) of a new regulatory framework for Bank Verification Number (BVN) and watch-list for the Nigerian financial system.
The new framework would require banks to apply restrictions to accounts and BVN if fraudulent activity is associated with the operations of those accounts and BVNs, the bank said.
In the notice to customers obtained by Business Post, UBA said, “In addition, the bank is required to report the affected accounts and BVNs to the appropriate agencies.”
“In compliance with the CBN directive, the ‘terms and conditions’ clause in our account opening packages have been updated with the following disclaimer:
“If a fraudulent activity is associated with the operation of your account, you agree that we have the right to apply restrictions to your account and BVN and report to appropriate law enforcement agencies.
“Thank you for your continued patronage,” the bank said in the notice.
