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 26, 2025

Nigerian Stock Market dips after three-day rally

The Nigerian stock market ended its three-day bullish streak on Friday with a 0.3% decline…
April 21, 2025

Tunde Bakare to Tinubu: ‘Stop playing God, embrace humility’

In a fiery Easter Sunday state-of-the-nation address delivered in Lagos, Tunde Bakare, the serving overseer…
April 23, 2025

Don’t wait for the ‘perfect’ time to make big life decisions, says Phoenix mayor

Kate Gallego Kate Gallego knew she wanted to run for mayor of Phoenix, but the…
April 26, 2025

Declassified CIA file about UFO aliens attacking soldiers released

A declassified document posted to the CIA’s website is raising eyebrows with claims of an…
April 26, 2025

COINCIDENCE? Three times trucks have rammed into Christian processions in Gombe, The Cable queries

In Gombe state, there is a disturbing trend: vehicles crashing into processions of Christians during…
April 26, 2025

What to know after Day 1157 of Russia-Ukraine war

WESTERN PERSPECTIVE Russia and Ukraine 'very close to a deal', says Trump US President Donald…
April 25, 2025

Artificial sweetener found in diet drinks linked to brain changes that increase appetite, study finds

A growing body of evidence has increasingly linked diet sodas and other no- or low-calorie…
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.