{"id":126588,"date":"2023-12-02T15:14:04","date_gmt":"2023-12-02T15:14:04","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/12\/02\/cbn-to-freeze-bank-accounts-without-bvn-nin-from-march-2024\/"},"modified":"2023-12-02T15:14:04","modified_gmt":"2023-12-02T15:14:04","slug":"cbn-to-freeze-bank-accounts-without-bvn-nin-from-march-2024","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/12\/02\/cbn-to-freeze-bank-accounts-without-bvn-nin-from-march-2024\/","title":{"rendered":"CBN To Freeze Bank Accounts Without BVN, NIN From March 2024"},"content":{"rendered":"

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The Central Bank of Nigeria (CBN) has revealed that accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) will be restricted from March 1, 2024.<\/p>\n

In a circular on Friday, the CBN said a \u201cPost No Debit or Credit\u201d will be placed on funded accounts without BVN or NIN from the set date.<\/p>\n

According to the CBN, it has also amended the regulatory framework for BVN operations and watch-list for the Nigerian banking industry to strengthen the Know-Your-Customers (KYC) procedures in financial institutions.<\/p>\n

\u201cAs part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN).<\/p>\n

\u201cAccordingly, 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 (The Guidelines),\u201d the CBN stated.<\/p>\n

CBN said part of the amendment includes mandatory BVN and NIN for all tier-1 bank accounts and wallets for individuals.<\/p>\n

READ ALSO: Kanu\u2019s Release\u2019ll Diminish Peter Obi, Simon Ekpa\u2019s Popularity In South-East \u2013 Ohanaeze<\/strong><\/p>\n

Moreso, the apex bank said it remains mandatory for tiers two and three accounts and wallets for individual accounts to have BVN and NIN.<\/p>\n

In the circular, CBN said the process for account opening would commence by \u201celectronically retrieving BVN or NIN-related information from the NIBSS\u2019 BVN or NIMC\u2019s NIN databases and for same to become the primary information for onboarding of new customers\u201d.<\/p>\n

The amendment also requires all existing customer accounts and wallets for individuals with validated BVN to be profiled in the Nigeria Inter-Bank Settlement System (NIBSS) Industry Customer Account Database (ICAD) immediately and within 24 hours of opening accounts and wallets.<\/p>\n

The bank continued: \u201cEffective immediately, no new Tier 1 accounts and wallets should be opened without BVN or NIN.<\/p>\n

\u201cFor ALL existing Tier1 accounts\/wallets without BVN or NIN: Effective immediately, any unfunded account\/wallet shall be placed on \u201cPost No Debit or Credit\u201d until the new process is satisfied.<\/p>\n

\u201cEffective March 1, 2024, all funded accounts or wallets shall be placed on \u201cPost No Debit or Credit\u201d and no further transactions permitted.<\/p>\n

CBN said all BVN or NIN attached to all accounts and wallets must be electronically revalidated by January 31, 2024.<\/p>\n

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The Central Bank of Nigeria (CBN) has revealed that accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) will be restricted from March 1, 2024. In a circular on Friday, the CBN said a \u201cPost No Debit or Credit\u201d will be placed on funded accounts without BVN or NIN from the set […]<\/p>\n","protected":false},"author":1,"featured_media":126589,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-126588","post","type-post","status-publish","format-standard","has-post-thumbnail","category-nigeria-news"],"yoast_head":"\nCBN To Freeze Bank Accounts Without BVN, NIN From March 2024 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/12\/02\/cbn-to-freeze-bank-accounts-without-bvn-nin-from-march-2024\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CBN To Freeze Bank Accounts Without BVN, NIN From March 2024 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"The Central Bank of Nigeria (CBN) has revealed that accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) will be restricted from March 1, 2024. 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