ATTENTION! If You Have Bank Accounts, Read This Immediately To Avoid Losing Your Money To CBN Next Month
The Central Bank of Nigeria (CBN) has reminded Nigerians of its recent policy that makes it mandatory for them to link their Bank Verification Number (BVN) and National Identity Number (NIN) to their bank accounts before March 31st, 2024.
The central bank warned that effective March 31, 2024, all funded accounts or wallets without BVN and NIN shall be placed on ” Post No Debit or Credit” and no further transactions permitted.
Nigerians can link their BVN and NIN to their bank accounts by visiting their respective banks before 31st March, 2024.
The CBN also ordered for the immediate implementation of the new policy, stressing that no new Tier- 1 accounts and wallets should be opened without BVN and NIN.
Commercial banks have sent notifications to their customers in this regard.
Also, for all existing Tier1 accounts/wallets without BVN or NIN, the central bank said effectively, any unfunded account/wallet shall be placed. on” Post No Debit or Credit” until the new process is satisfied.
The bank said a comprehensive BVN and NIN audit shall be conducted, adding that where breaches were identified, appropriate sanctions would be applied.
Yesterday, Fintech apps and wallets like Palmpay sensitized their users on how to link their NIN amd BVN to their wallets.
The PalmPay app now has enhanced features allowing users to effortlessly add their National Identification Number (NIN) and Bank Verification Number (BVN) to their wallets while upgrading their Know Your Customer (KYC) levels.
PalmPay’s streamlining of the process for users to fortify their wallets with vital identification details is in response to the evolving regulatory landscape and commitment to users’ safety and ahead of the CBN’s deadline of March 31, 2024.
The integration of NIN/BVN adds an extra layer of authenticity to user profiles, fostering a safer experience for PalmPay users and a robust financial ecosystem.
(Arise News)