Bank account holders have been issued a warning by the Central Bank of Nigeria that their accounts will be suspended in the absence of a Bank Verification Number (BVN) and National Identification Number (NIN).
The Apex Bank stated in a circular published on Friday that, as of April 2024, all bank accounts lacking a BVN and NIN will be subject to a “Post no Debit” restriction.
“In order to further ensure the stability of the financial system, the Central Bank of Nigeria (CBN) must strengthen the Know Your Customer (KYC) procedures that are in place at financial institutions,” the statement continued.
“Therefore, Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-list for the Nigerian Banking Industry (The Guidelines) is hereby amended by the CBN.”
“Therefore, BVN and NIN information are required for ALL Tier-1 bank accounts and wallets held by individuals.”“BVN and NIN continue to be required for Tiers 2 and 3 wallets and accounts of individuals.”
The CBN further stipulated that, effective immediately, any unfunded Tier-1 account or wallet lacking a BVN or NIN shall be placed on “Post no Debit or Credit” status until the new process is completed.
It was stated that all funded accounts and purses would be placed on “Post no Debit or Credit” status on March 1, 2024, and no further transactions would be permitted.
Additionally, by January 31, 2024, the Apex Bank mandates that the BVN or NIN associated with and/or affixed to all accounts/wallets be electronically validated.
A post-no-debit alert, on the other hand, is a directive that prohibits bank customers from conducting any transactions, including withdrawals and transfers, on their bank accounts.