CurrentReport Blog As the deadline set by the Central Bank of Nigeria (CBN) for banks to restrict customer accounts without a Bank Verification Number (BVN) or National Identity Number (NIN) has come to pass, there is a notable silence from the regulatory authority.
In a notice issued on December 1 last year, signed by the Director of Payments System Management Department, Chibuzo Efobi, and Director of Financial Policy and Regulation Department, Haruna Mustapha, banks were instructed to restrict tier-1 accounts or wallets without NIN or BVN. The directive stated that unfunded accounts would immediately be placed on ‘Post No Debit or Credit’, and as of March 1, 2024, funded accounts would face the same restrictions.
Despite the clarity of the directive, CBN’s acting spokesperson, Hakama Sidi, has not responded to inquiries regarding the fate of customers without NIN or BVN as the deadline passed.
Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria, voiced concerns over the deadline, urging CBN to consider an extension. He emphasized that while many accounts possess the required NIN or BVN, there remains a significant number without the necessary credentials.
Adding to the uncertainty, a source within a tier-1 bank, who chose to remain anonymous, revealed to Current Report blog that no customer accounts had been restricted due to the NIN or BVN requirement.
