Nigerians Update Bank Accounts As Access, UBA, GTB, Zenith, Others Obey CBN Order

• CBN recently ordered Nigerian banks and other financial institutions to close bank accounts not linked with a BVN and NIN
• The apex bank instructed that all commercial banks, including digital banks, place a post-no debit on the accounts with the requirements
• Since the announcement, the number of Bank Verification Number (BVN) registrations has witnessed an uptick

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

The recent directive from the Central Bank of Nigeria (CBN) to banks to close accounts not linked with both Bank Verification Numbers (BVN) and National Identification Numbers (NIN) has compelled more Nigerians to update their accounts.

Legit.ng had reported that the CBN, on December 1, 2023, issued a directive to commercial banks, merchant banks, non-interest banks, payment service providers, other financial institutions, and mobile money operators through a circular.

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The directive stated that all Bank Verification Numbers (BVNs) or National Identification Numbers (NINs) linked to accounts or wallets must undergo electronic revalidation by January 31, 2024.

The circular also 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.

Part of the circular reads:

"“Effective immediately, any unfunded account/wallet shall be placed on ‘Post No Debit or Credit’ until the new process is satisfied. Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit’ and no further transactions permitted."

BVN numbers surge

Since the announcement, there has been a notable increase in BVN registrations across the country.

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According to the latest BVN registration data released by the Nigeria Inter-Bank Settlement System (NIBSS), registration for the Bank Verification Number (BVN) has increased to 61.2 million(61,166,384) as at Friday, March 15, 2024.

This represents a significant increase of 1.2 million compared to 59.9 million BVN numbers as of December 18, 2023 before the instruction.

GTbank graduate job invites entries

Earlier, Legit.ng reported that Gtbank announced job vacancies for graduates to be recruited into the organisation nationwide.

The bank describes the opportunity as an exciting one for qualified candidates looking to kick off a career in financial services.

Successful applicants will join GT Bank's workforce spread across Nigeria and other African countries.

Source: Legit.ng