Prior Notice: CBN To Freeze Account without BVN and NIN from Q1 2024
The Central Bank of Nigeria (CBN) has declared that it will start freezing Nigerians bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.
It's been seen that this decision is part of the apex bank's commitments to strengthen the Nigerian financial system, enhance the rate at which company admire know-your-customer (KYC) verification and combat financial crimes/frauds.
The CBN has been urging bank customers to enroll for BVN and NIN for several years. BVN is a unique identifier that is linked to a customer's bank accounts, while NIN is a unique identifier that is issued by the National Identity Management Commission (NIMC) to all Nigerian citizens.
The CBN has stated that the deadline for BVN and NIN attachment to bank account is March 2024. However, banks have been advised to start placing restrictions on accounts without BVN and NIN from January 2024.
Here is a timeline of the CBN's BVN and NIN enrollment process:
- January 2023: The CBN announces that it will freeze all bank accounts without BVN and NIN from April 2024.
- March 2024: Banks start placing restrictions on accounts without BVN and NIN.
- April 2024: All bank accounts without BVN and NIN are frozen.
The CBN has stated that customers who do not enroll for BVN and NIN by the deadline will not be able to access their bank accounts. This means that they will not be able to make withdrawals, deposits, or transfers. They will also not be able to use their bank accounts to pay bills or purchase goods and services.
The CBN has urged bank customers to enroll for BVN and NIN and link it up with their bank account as soon as possible to avoid any disruption to their banking services. Customers can enroll for BVN at any commercial bank in Nigeria. They can enroll for NIN at any NIMC registration center in Nigeria.
Here are some of the benefits of enrolling for BVN and NIN:
- Enhanced security: BVN and NIN help to protect bank accounts from fraud and identity theft.
- Improved financial inclusion: BVN and NIN make it easier for people to access and use financial services.
- Reduced financial crime: BVN and NIN help to combat financial crimes such as money laundering and terrorism financing.
For more details about NIN and BVN and how to protect your personal information on these KYC documents, read our complete guidelines.
The CBN's decision to freeze bank accounts without BVN and NIN is a significant step in the fight against financial crimes. The bank is committed to protecting the financial system and ensuring that it is safe and secure for all Nigerians.
