The Central Bank of Nigeria (CBN) says it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.
The bank said the move is part of its efforts to promote financial system stability and strengthening of the Know Your Customer (KYC) procedures in financial institutions under its purview.
It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular by the CBN Director of Payments System Management Department Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.
More to follow…
More to follow…
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