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A staggering number of over 70 million bank customers in Nigeria stand on the brink of losing access to their accounts as the Central Bank of Nigeria’s directive on restricting accounts without Bank Verification Numbers (BVN) and National Identification Numbers (NIN) comes into effect.
In a circular issued on December 1, 2023, the CBN mandated that a ‘Post No Debit’ restriction be imposed on all bank accounts lacking BVN and NIN, commencing from Friday, March 1, 2024.
‘Post No Debit’ denotes a measure adopted by banks to restrict specific accounts, prohibiting customers from conducting withdrawals, transfers, or any debits from such accounts. This effectively immobilizes the funds in the account, rendering them inaccessible for the duration of the restriction.
The directive, jointly signed by Chibuzo Efobi, Director of Payments System Management Department, and Haruna Mustapha, Director of Financial Policy and Regulation Department, emphasized the mandatory requirement for BVN and/or NIN for all Tier-1 bank accounts and wallets held by individuals. It further stipulated that Tier-2 and Tier-3 accounts and wallets must also possess BVN and NIN.
For existing Tier-1 accounts/wallets lacking BVN or NIN, the circular mandated immediate placement on ‘Post No Debit or Credit’ until compliance with the new process. Additionally, effective March 1, 2024, all funded accounts or wallets without BVN or NIN would face ‘Post No Debit or Credit’ restrictions, prohibiting further transactions. Furthermore, BVN or NIN associated with all accounts/wallets must undergo electronic revalidation by January 31, 2024.
The circular also cautioned banks of an impending comprehensive BVN and NIN audit, with sanctions to be applied for identified breaches.
As the deadline loomed, several banks began alerting their customers to rectify their accounts in alignment with the CBN directive. While some advised customers to visit physical branches for account regularization, others facilitated online account updates.
The impending enforcement of the CBN directive underscores the urgency for affected bank customers to expedite compliance measures to avoid potential disruptions to their financial transactions and account access.
