The Central Bank of Nigeria (CBN) has issued a circular mandating the linkage of Bank Verification Numbers (BVN) and National Identification Numbers (NIN) for all tiers of accounts in Nigeria. This move has caused panic among customers who do not have BVN or NIN.
When the Central Bank of Nigeria ( CBN ) in December 2023, mandated the linkage of Bank Verification Numbers ( BVN ) and National Identification Numbers ( NIN ) across all tiers of accounts in Nigeria, this brought a wave of panic amongst customers who had run their accounts without BVN or NIN .
The apex bank in a circular, signed by the Director, Payment System Management Department at the CBN, Mr Chibuzo Efobi and Director, Financial Policy and Regulations Department, Mr Haruna Mustapha, to all commercial, merchant, non-interest and payment service banks, other financial institutions and mobile money operators, stated that all individual existing and new tier 1, 2 and 3 accounts/wallets must have BVN or NIN. Mustapha noted that the mandate was part of the apex bank’s effort in promoting financial system stability which has led to its amendment of Section 1.5.3 of the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry (Guidelines
Central Bank Of Nigeria CBN Bank Verification Numbers BVN National Identification Numbers NIN Accounts Financial System Stability
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