CBN’s New Directive: Link Your Bank Accounts with BVN or NIN or Face Freeze

The Central Bank of Nigeria (CBN) has announced a deadline for bank account holders to link their accounts with their Bank Verification Number (BVN) or National Identification Number (NIN). According to a circular issued by the CBN on Friday, bank accounts that are not linked with BVN or NIN by April 2024 will be frozen and unable to perform any transactions.

The circular, which was jointly signed by CBN Director, Payment System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha, stated that the measure is aimed at enhancing the security and integrity of the banking system.

The circular also specified that:

• All funded accounts or wallets will be placed on Post No Debit or Credit status from March 1, 2024, and no further transactions will be allowed.
• It is compulsory for all Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN, and it remains compulsory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.
• The BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024.
• No new Tier 1 accounts and wallets should be opened without BVN or NIN with immediate effect.
• A comprehensive BVN and NIN audit will be conducted soon and where breaches are identified, appropriate sanctions will be applied.

The CBN urged all bank account holders to comply with the directive and link their accounts with their BVN or NIN before the deadline to avoid any inconvenience. The CBN also advised account holders to contact their banks for more information on how to link their accounts with their BVN or NIN.

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