CBN announces plans to suspend bank accounts without BVN or NIN
The Central Bank of Nigeria (CBN) has declared its intention to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting from April 2024.
In a circular released on Friday, the apex bank directed financial institutions to enforce a “Post no Debit” restriction on existing Tier-1 accounts/wallets without BVN or NIN, preventing customers from withdrawals, transfers, or other debits.
“The Post No Debit or Credit” measure will be implemented immediately for unfunded accounts/wallets, and from March 1, 2024, funded accounts or wallets will also face restrictions. The CBN emphasized the electronic revalidation of all BVN or NIN linked to accounts/wallets by January 31, 2024.
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As part of efforts to enhance financial system stability and strengthen Know Your Customer (KYC) procedures, the CBN plans to conduct a BVN and NIN audit, applying sanctions for identified breaches. The bank also outlined a process for customer onboarding using BVN or NIN-related information.
For individuals without BVN or NIN, the CBN advised regulated financial institutions to enroll them in the respective databases, following protocols issued by the Nigeria Inter-Bank Settlement System (NIBSS).
This move aligns with the CBN’s commitment to promoting a secure financial system and reinforcing KYC protocols in the nation’s financial institutions.
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