85.51 Million Bank Accounts Risk Shut Down as Access, Zenith, UBA, Others Send Messages on Updates

85.51 Million Bank Accounts Risk Shut Down as Access, Zenith, UBA, Others Send Messages on Updates

  • Over 85 million bank accounts may be shut down from March 1, 2024, due to their inability to link their NINs and BVN to their accounts
  • The development follows a circular by CBN to banks and financial institutions without BVNs/and or NINS
  • The circular states that bank accounts without NINs and BVNs will be designated with a ‘Post no Debit’ notice

Legit.ng’s Pascal Oparada has reported Tech, Energy, Stocks, Investment and the Economy for over a decade.

About 85.51 million bank customers may face difficulty accessing their bank accounts from March 1, 2024, due to their inability to link their National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) to their accounts.

Data from the Nigeria Inter-Bank Settlement System (NIBSS) indicates that there are about 146 million active bank account holders in Nigeria as of December 2022.

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Bank accounts shut down, BVN/NIN required
Nigerians queuing in banks to update their accounts as CBN's deadlin neears @nairarates
Source: Getty Images

60m bank accounts are linked with BVN

As of January 26, 2024, the BVN count on the NIBSS database was about 60.49 million, with 104 million NINs issued as of December 2023.

Leadership reports that with the deadline of March 1, 2024, given by the Central Bank of Nigeria for customers to link their BVN and NIN to their bank accounts and wallets, Nigerians have voiced concerns about the NINs with the National Identity Management Commission (NIMC).

The CBN had asked banks and other financial institutions to restrict bank accounts without updated BVN and NIN starting March 1, 2024.

CBN orders banks to freeze accounts without NIN

On December 1, 2023, the apex bank stated that any bank account without NIN and a BVN would be designated as ‘Post no Debit’ (PND).

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The CBN stated in a circular to all financial institutions that having a BVN or NIN is a prerequisite to operating bank accounts in Nigeria in the future, adding that having a BVN and NIN is needed for Tiers 2 and 3 accounts and wallets for individual accounts.

With the new deadline, about 85.51 million bank customers will cease to have access to withdraw funds from their accounts, a Punch report says.

Banks send messages to customers

In a previous report by Legit.ng, banks have sent last-minute messages to their customers to update their accounts per the CBN directive.

Nigerian banks notified their customers of the need to update their bank account information with their Bank Verification Number (BVN) and National Identification Number (NIN) before Friday, March 1, 2024.

The banks said the move responded to the Central Bank of Nigeria's recent December 1, 2023 circular.

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"Dear valued Customer, please be informed that the Central Bank of Nigeria (CBN), through its circular dated December 1, 2023, has announced that all accounts without a Bank Verification Number (BVN) and the National Identity Number (NIN) would not be able to carry out transactions from March 1, 2024.
"Consequently, you will be required to update your account information with your National Identification Number (NIN) and Bank Verification Number (BVN) if you still need to do so.
"Kindly click on the customer update link https://customerupdate.ecobank.com/ciu/login "Input your account details and tick the terms and conditions box; an OTP will be sent to your registered email address; input OTP and submit,
Click on Request, Select statutory ID or identification update and upload a copy of your NIN document. Tick the acceptance box and submit."

Nigerians rush to update BVNs as CBN deadline nears

Legit.ng reported that Nigerians are rushing to update their BVNs and National Identification Numbers (NINs) as the deadline given by the Central Bank of Nigeria (CBN) to banks to block accounts draws close.

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The Nigeria Inter-Bank Settlement System (NIBSS) disclosed this in its latest BVN registration data.

While registration has been slow since the beginning of this year, the recent CBN announcement caused an uptick in the number of Nigerians turning up at their banks to register.

Source: Legit.ng

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