Popular Banks Face Allegations Of Quietly Absorbing Funds Made Inaccessible To Customers By BVN!

Information available to societynowng.com has it that some popular banks are contending with an interesting allegation.

And the development is said to have arose the interest of industry regulators.

Societynowng.com learnt the banks concerned, described as major players in their sector are alleged to be quietly absorbing funds made inaccessible to customers by the implementation of the Bank Verification Number ( BVN).
The BVN which unify all bank accounts of individuals and businesses requires uniform and exact information on all the accounts as a key condition for validate it.

Account holders with multiple identities have been caught off balance by this rule – and the cash trapped, especially those who are desperate not to be linked with stashed funds.

Societynowng.com gathered there are quite a number of those who fall into this category, particularly those in government employment, public office holders and their proxies seeking to evade the clutches of anti graft agencies in the face of passionate fight against corruption.

According to a source ”the banks in question have devised a means to mop up the funds..they are absorbing it into the system through individuals or corporate entities with robust records with them”

Societynowng.com learnt the talks are that some are being done with corporation of the behind the scene owners of the funds in question willing to forgo a certain percentage while others are being done as a pre emptive approach against full disclosure and giving possible giving up of the entirety of the unclaimed sums to the government by the banks in question.

Societynowng.com learnt news of the ongoing clandestine moves as filtered to the industry regulator(s).

But the possible response to contain or curtail the situation remain unclear at press time.