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Over 91 Million Bank Accounts Face Deactivation Risk as CBN BVN/NIN Deadline Passes

Medinat
By Medinat - Editor
Over 91 Million Bank Accounts Face Deactivation Risk as CBN BVN/NIN Deadline Passes

With the expiration of the Central Bank of Nigeria’s (CBN) deadline on March 1st for the linkage of bank accounts to either the Bank Verification Number (BVN) or National Identity Number (NIN), a staggering 91 million bank accounts are at risk of being frozen.

Issued on December 1, 2023, the CBN’s directive mandated commercial banks to restrict tier-1 accounts lacking proper BVN or NIN linkage. Unfunded accounts were immediately placed on ‘Post No Debit or Credit,’ with funded accounts slated to face similar restrictions from March 1, 2024.

In a bid to comply, banks intensified efforts over the weekend, issuing final reminders to depositors to complete BVN/NIN linkage through digital platforms or branch visits to avoid potential account freezing.

The directive also stipulated that all accounts must have their BVN or NIN electronically revalidated by January 31, 2024. While the specific consequences for non-compliance remain unclear from the CBN, banks have cautioned that failure to adhere to the BVN/NIN linkage could impede transactional activities.

This looming deadline has sparked panic among depositors, leading to a surge in bank visits as customers rush to update their account information before March 1.

As of January 26, the Nigeria InterBank Settlement System (NIBSS) reported 60,492,104 million BVN-linked accounts, highlighting the significant number of accounts yet to undergo the necessary linkage process.

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