“Millions of bank accounts face the risk of being blocked as the deadline approaches for linking them to either a Bank Verification Number (BVN) or National Identity Number (NIN).
The Central Bank of Nigeria (CBN) issued a circular on December 1, 2023, directing all financial institutions and mobile money operators to electronically revalidate the BVN or NIN associated with accounts and wallets by January 31, 2024. From March 1, 2024, funded accounts or wallets without BVN or NIN will be placed on ‘Post No Debit or Credit,’ prohibiting further transactions.
The CBN’s directive comes as part of efforts to enhance financial security and ensure proper identification.
According to a 2023 report by Enhancing Financial Innovation and Access (EFInA), 52 percent (28 million) of unbanked adults possess an NIN, while 5 percent (3 million) of banked adults lack a BVN or NIN.
Olanrewaju Kazeem, Group CEO of Alert Group, emphasized that after the deadline, accounts without BVN or NIN would face restrictions, preventing withdrawals, transfers, and other debit transactions initiated by account holders. Those who fail to link their accounts before the deadline will be unable to access and transact with their accounts.
Source: Business Day