The Central Bank of Nigeria (CBN) is implementing stricter Know Your Customer (KYC) procedures by mandating BVN and NIN for all bank accounts and wallets.
In a circular issued on Friday, the CBN announced that all funded accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) will be placed on a “Post No Debit or Credit” restriction starting March 1, 2024. This means that affected accounts will not be able to perform any transactions, including withdrawals, transfers, or payments.
This measure is part of the CBN’s ongoing efforts to strengthen KYC procedures in the Nigerian banking industry and promote financial system stability. The CBN emphasized the importance of KYC in preventing financial crimes and ensuring the integrity of the financial system.
The CBN also announced amendments to the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry. These amendments include: Mandatory BVN and NIN for all tier-1 bank accounts and wallets for individuals; Continued mandatory BVN and NIN requirements for tiers two and three accounts and wallets for individual accounts.
The CBN reiterated its commitment to safeguarding the Nigerian financial system and ensuring that it operates in a safe and sound manner.