The Central Bank of Nigeria has given a 30-day deadline for banks and other financial institutions to close accounts that do not have a Bank Verification Number (BVN).
The directive is aimed at promoting safe, reliable, and efficient banking and payment systems, as well as enhancing public confidence in the industry.
Financial institutions have also been instructed to link customers’ BVN to related accounts and wallets, except for Tier 1 accounts.
The move is expected to deter, prevent, detect, and mitigate the risks of fraud in the banking industry.
Any account or wallet without a BVN will be closed within 30 days, and no new account or wallet will be allowed to operate without one.
The Nigerian Inter-Bank Settlement System has reported that 57.39 million customers’ accounts have been linked to their BVNs as of April 8.
Article updated 3 weeks ago. Content is written and modified by multiple authors.
