BUSINESS DAY
Millions of bank accounts risk being blocked as the deadline for all accounts and wallets to have a Bank Verification Number (BVN) or National Identity Number (NIN) draws near.
On December 1, 2023, the Central Bank of Nigeria (CBN) issued a circular to all commercial, merchant, non-interest, payment service banks, other financial institutions, and mobile money operators, directing that the BVN or NIN attached to and/or associated with all accounts/wallets must be electronically revalidated by January 31, 2024.
The circular said that effective March 1, 2024, all funded accounts or wallets without BVN or NIN shall be placed on ‘Post No Debit or Credit’ and no further transactions would be permitted.
According to a 2023 report by Enhancing Financial Innovation and Access (EFInA), 52 percent (28 million) of unbanked adults have an NIN, and 5 percent (3 million) of banked adults are without a BVN or NIN.
The total number of bank accounts in the country as of 2021 was 191.4 million, out of which 133.5 were actively in use, according to data from the Nigeria Inter-Bank Settlement System (NIBSS)…
