The Central Bank of Nigeria (CBN) has declared its intention to freeze accounts lacking a Bank Verification Number (BVN) or National Identification Number (NIN) starting from April 2024.
In a circular released on Friday, December 01, 2023, the apex bank’s circular stated that a BVN or NIN verification will be carried out shortly, stating the need for compliance.
To meet this requirement, all BVN or NIN linked to accounts or wallets must undergo electronic revalidation before January 31, 2024.
The directive was issued by Chibuzo Efobi, the CBN Director of Payments System Management Department, and Haruna Mustapha, the Director of Financial Policy and Regulation Department.
This move by the CBN is part of ongoing efforts to enhance the security and integrity of the banking system in the country. The BVN and NIN requirements are crucial for verifying the identity of account holders and ensuring a more transparent financial landscape.
CC: Pulse Nigeria
