CBN directs banks to place PNB on all accounts, wallet without BVN/NIN

In a directive issued by the Central Bank of Nigeria (CBN), Deposit Money Banks (DMBs), and other financial institutions operating in the country are mandated to implement a “Post no Debit” restriction on all bank accounts lacking a Bank Verification Number (BVN) and National Identification Number (NIN) starting from April 2024.

The circular, addressed to all deposit money banks, further specifies that by January 31, 2024, all BVN or NIN linked to and/or associated with all accounts and wallets must undergo electronic revalidation. This move underscores the CBN’s commitment to enhancing the security and integrity of the banking system by ensuring that customer accounts are linked to valid BVNs and NINs, aligning with broader financial regulatory measures.

See the official circular below:

Paul

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