Starting April 2024, the Central Bank of Nigeria (CBN) has said bank accounts without a Bank Verification Number (BVN) and National Identification Number (NIN) will not be able to withdraw monies from their accounts.
In a circular, the apex bank said BVN and NIN could be retrieved from NIBSS and NIMC databases.
Directing all commercial banks need to electronically verify and link BVN or NIN to accounts and wallets by January 31, 2024, the apex bank specified that this rule applies to different levels of accounts (tier-1, 2, and 3) and is part of efforts to make sure that the financial system is safer and follows “Know Your Customer” (KYC) procedures.
If accounts lack BVN or NIN after April 1, 2024, they will face restrictions on transactions.
The CBN wants financial institutions to follow these rules strictly, including transaction limits and balances for tier-1 accounts. They’ve directed compliance officers to understand and implement these guidelines accurately. The goal is to ensure compliance within a specific time frame, helping banks and customers adapt smoothly to these changes.
