The Central Bank of Nigeria (CBN) said on Friday that it will freeze accounts or wallets without Bank Verification Number (BVN) and National Identity Number (NIN) from April 2024.
In a statement obtained by Persecond News, the apex bank said the move became imperative to promote financial system stability and strengthen the “Know Your Customer” (KYC) procedure in the financial institution.With the rising cases of fraud within the financial system, CBN said this will ensure that bank transactions are safer and fraudulent transactions are eliminated.
The statement said: “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.
“It is mandatory for all Tier-1 bank account and wallets for individuals to have BVN and/ or NIN.
“Effective immediately all account existing Tier-1 account/wallet without BVN/NIN and unfunded shall be placed on “Post No Debit or Credit” and no further transaction permitted.
“Effective March 1, 2024 all funded account or wallet without BVN/NIN, shall be placed on “Post No Debit or Credit” and no further transaction permitted.”
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