CBN said bank accounts without NIN and BVN will be restricted from April 2024.
This was contained in a circular jointly signed by CBN Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, on Friday.
The circular reads: “Effective March 1, 2024, all funded accounts or wallets shall be placed on Post No Debit or Credit and no further transactions permitted.
“It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN, it said, adding that “it remains mandatory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.”
The Central Bank warned that the BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024, while also announcing that, effective immediately, no new Tier 1 accounts and wallets should be opened without BVN or NIN.
CBN said a comprehensive BVN and NIN audit will be conducted shortly and where breaches are identified, appropriate sanctions will be applied.
The circular reads: “Effective March 1, 2024, all funded accounts or wallets shall be placed on Post No Debit or Credit and no further transactions permitted.
“It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN, it said, adding that “it remains mandatory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.”
The Central Bank warned that the BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024, while also announcing that, effective immediately, no new Tier 1 accounts and wallets should be opened without BVN or NIN.
CBN said a comprehensive BVN and NIN audit will be conducted shortly and where breaches are identified, appropriate sanctions will be applied.
From Dailypost
ahn ahn.... people still dont have bvn and nin😲
ReplyDeleteI believe some still don't have it
DeleteMade a mistake in my sister's own. She's been trying to resolve it for 2 years plus now even to Abuja level, No way.
DeleteSo after putting people through so that level of suffering that year, BVN has even been optional all this while. Some people even operate accounts without it years later. What then is the point of even having one?
ReplyDeleteAre there still people without BVN and NIN??? Thought it has been compulsory.
ReplyDeleteMe, I don't have nin bcos of bank's policy of change of surname on the grounds of marriage.
ReplyDeleteThere's nothing I can do about it bcos I cannot goan look for and force someone's son to come and marry me bcos I want a change of surname that I've sworn affidavit and did newspaper publication on.