The CBN has recently announced new guidelines regarding bank accounts without Bank Verification Numbers (BVN) and National Identification Numbers (NIN). According to a circular issued by the CBN on December 1, 2023, all bank accounts without BVN and NIN will be placed on “Post no Debit” (PND) starting from April 2024. The CBN has made it clear that the BVN or NIN associated with accounts must be electronically revalidated by January 31, 2024.

The CBN will enforce section 1.5.3. of the Regulatory Framework of Bank Verification Number (BVN) and Watchlist for the Nigerian Banking Industry to implement these new policies. As per the regulations, the following mandates will be in effect:

1. Tier-1 bank accounts and wallets for individuals must have NIN and/or BVN.

2. Tier-2 and Tier-3 individual accounts and wallets must possess both NIN and BVN.

3. The account opening process will involve electronically retrieving BVN and NIN information from the respective databases.

4. Existing customer accounts and wallets with validated BVN will be profiled in the NIBSS’ ICAD within 24 hours of opening the account.

Account holders who fail to adhere to the stipulated guidelines will have their accounts placed on “Post no Debit or Credit” until the new process is satisfied. Furthermore, all BVNs and NINs associated with accounts and wallets must be revalidated before January 1, 2024. Financial institutions under the purview of the CBN must comply with the new guidelines, including transaction value limits and cumulative balance regulations.

The CBN’s recent announcement regarding the mandatory requirement of BVN and NIN for bank accounts aims to promote financial stability in Nigeria. Account holders are advised to ensure their accounts comply with the new guidelines to avoid restrictions on debit and credit transactions. It is crucial to complete the necessary revalidation processes before the specified deadlines to maintain uninterrupted banking services and adhere to regulatory requirements.