The Central Bank of Nigeria (CBN) says it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
This is according to a Friday circular by the apex bank which instructed banks to place a “Post no Debit” restriction – which prevents customers from making withdrawals, transfers, or any other debits “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,” the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha read in part.
It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024,
According to the bank, a BVN or NIN verification will be “conducted shortly”, adding that the move is part of its efforts to promote financial system stability and strengthening of the Know Your Customer (KYC) procedures in financial institutions.
Credit: Channels Television
