The Central Bank of Nigeria has recently announced that effective April 2024, all bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) will be restricted.
This move is aimed at improving financial transparency and security for all customers through the ‘know your customer’ (KYC) program.
The verification process for each BVN and NIN number will be done through computer and internet, making it easier for customers to identify themselves when making transactions. In addition, the BVN and NIN numbers will be used to verify information about anyone who wishes to open a new account, ensuring that banks have accurate data on their customers.
To help those who do not have these numbers, all banks have been instructed to register such individuals. This measure will undoubtedly contribute to improving the banking system and ensuring that customers’ financial information is secure.
“The process for account opening shall commence by electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS’ ICAD immediately and within 24hrs of opening accounts/wallets,” the CBN added.
