THE Central Bank of Nigeria (CBN) has directed that accounts without a bank verification number (BVN) or national identification number (NIN) will be restricted from March 1, 2024.
In a circular issued on Friday, December 1, the CBN said a “Post No Debit or Credit” will be placed on funded accounts without BVN or NIN on March 1, 2024.
The apex bank said it has also amended the regulatory framework for BVN operations and watch-list for the Nigerian banking industry to strengthen the know-your-customer (KYC) procedures in financial institutions.
“As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN),” it said.
“Accordingly, the CBN hereby issues an amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).”
CBN said part of the amendment includes mandatory BVN and NIN for all tier-1 bank accounts and wallets for individuals.
- Also, the apex bank said it remains mandatory for tiers two and three accounts and wallets for individual accounts to have BVN and NIN.
