DON’T SKIP! See How To Stop CBN From Blocking Your Bank Accounts On 1st March 2024
The Central Bank of Nigeria will suspend about 85. 51 million bank customers who have not linked their National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) to their accounts by March 1st, 2024;
Recall that the apex bank had asked commercial banks to restrict transactions on accounts whose NIN and BVN have not been linked, starting on March 1, 2024.
The apex bank stated that having a BVN and NIN are required for all Tier- 1 bank accounts and wallets. It further said having a BVN and NIN are also required for Tiers 2 and 3 accounts as well as wallets for individual accounts.
Customers Risk Account Suspension
If the deadline stands, about 85. 51 million bank customers will be unable to withdraw money from their accounts.
Nigerians can link their BVN and NIN to their bank accounts by visiting their respective banks or websites today.
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 such as GTBank have begun to send notifications to their customers in this regard.
A review of the Regulatory Framework for BVN Operations and Watch- list for the Nigerian Banking Industry’ said the move was driven by the demand for the effectiveness of Know-Your-Customer (KYC) and Customer’ s- Due Diligence principles, and promotion of more safe, reliable and efficient banking and
payment systems.
“No new account/wallet shall be allowed to operate without BVN (except inflows), however, any account/wallet without BVN and BVN shall be closed within 30 days, ” the framework said.
Data from the Nigeria Inter- Bank Settlement System (NIBSS) showed that only 57. 39 million customers’ accounts have been linked to their BVNs and NINS as of April 8.
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