Saturday, 02 December 2023 05:04

CBN to freeze bank accounts without BVN, NIN

Rate this item
(0 votes)

Central Bank of Nigeria (CBN) says accounts without a bank verification number (BVN) or national identification number (NIN) will be restricted from March 1, 2024.

In a circular on Friday, CBN said a “Post No Debit or Credit” will be placed on funded accounts without BVN or NIN on March 1, 2024.

CBN said it has also amended the regulatory framework for BVN operations and watch-list for the Nigerian banking industry to strengthen the know-your-customer (KYC) procedures in financial institutions.

“As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN),” CBN said.

“Accordingly, the CBN hereby issues an amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).”

CBN said part of the amendment includes mandatory BVN and NIN for all tier-1 bank accounts and wallets for individuals.

Also, the apex bank said it remains mandatory for tiers two and three accounts and wallets for individual accounts to have BVN and NIN.

In the circular, CBN said the process for account opening would commence by “electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers”.

The amendment also requires all existing customer accounts and wallets for individuals with validated BVN to be profiled in the Nigeria Inter-Bank Settlement System (NIBSS) industry customer account database (ICAD) immediately and within 24 hours of opening accounts and wallets.

“Effective immediately, no new Tier 1 accounts and wallets should be opened without BVN or NIN,” CBN said.

“For ALL existing Tier1 accounts/wallets without BVN or NIN: Effective immediately, any unfunded account/wallet shall be placed on “Post No Debit or Credit” until the new process is satisfied.

“Effective March 1, 2024, all funded accounts or wallets shall be placed on “Post No Debit or Credit” and no further transactions permitted.

CBN said all BVN or NIN attached to all accounts and wallets must be electronically revalidated by January 31, 2024.

 

The Cable

April 03, 2025

Oil prices sink after Trump announced sweeping new tariffs

Oil prices dropped $2 on Thursday after U.S. President Donald Trump announced reciprocal tariffs on…
April 02, 2025

Natasha outsmarts Kogi govt, Police; ‘drops’ from sky to jubilant crowds

In a spectacular display of defiance, Senator Natasha Akpoti-Uduaghan turned the Kogi State Government and…
March 30, 2025

Does wearing a cap make you go bald? Here’s what dermatologists want you to know about hair loss

Hair loss can be an upsetting and worrisome experience. But with a slew of wellness…
March 30, 2025

Two 'proof of heaven' stories and one 'proof of hell' that had atheist calling out…

Ole Braatelien What happens to our consciousness the moment we die? Christians believe our souls…
April 02, 2025

Ponzi schemes: New law slams 10-year jail term, N40m fine - SEC

Nigeria’s Securities and Exchange Commission (SEC) has finally declared war on Ponzi schemes, with a…
April 03, 2025

What to know after Day 1134 of Russia-Ukraine war

WESTERN PERSPECTIVE Putin conscripts 160K men as Russia eyes Ukraine offensive Russia has initiated its…
March 28, 2025

Bill Gates: Within 10 years, AI will replace many doctors and teachers—humans won’t be needed…

Tom Huddleston Jr. Over the next decade, advances in artificial intelligence will mean that humans…
January 08, 2025

NFF appoints new Super Eagles head coach

The Nigeria Football Federation (NFF) has appointed Éric Sékou Chelle as the new Head Coach…

NEWSSCROLL TEAM: 'Sina Kawonise: Publisher/Editor-in-Chief; Afolabi Ajibola: IT Manager;
Contact Us: [email protected] Tel/WhatsApp: +234 811 395 4049

Copyright © 2015 - 2025 NewsScroll. All rights reserved.