The Central Bank of Nigeria has warned bank account holders that accounts without a Bank Verification Number (BVN) and National Identification Number (NIN) will be frozen. The Apex Bank, in a circular issued on Friday, said it has directed a “Post no Debit” restriction on all bank accounts without BVN and NIN effective April 2024 .
“As 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),” the statement read. “Accordingly, 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). “In this regard, it is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NI
Central Bank Of Nigeria Bank Accounts Bank Verification Number National Identification Number Frozen Financial System Stability Know Your Customer KYC April 2024
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