Mixed Reactions As CBN Declarea No Transactions On Accounts Without BVN, NIN from March 2024

Nigerians have taken to social media to express their mixed reactions to the Central Bank of Nigeria’s (CBN) latest directive mandating the use of Bank Verification Numbers (BVN) and National Identity Numbers (NIN) for all bank transactions starting from March 1, 2024.

The CBN’s circular, jointly signed by Chibuzo Efobi, Director of Payment System Management Department, and Haruna Mustafa, Director of Financial Policy and Regulation Department, outlines the implementation of the new policy. Effective immediately, no new Tier 1 accounts or wallets can be opened without BVN or NIN.

For existing accounts without BVN or NIN, unfunded accounts will be placed on “Post No Debit or Credit” until the requirements are met. Starting March 1, 2024, all funded accounts without BVN or NIN will also be restricted from transactions.

The CBN’s circular, jointly signed by Chibuzo Efobi, Director of the Payment System Management Department, and Haruna Mustafa, Director of Financial Policy and Regulation Department, outlines the implementation of the new policy. Effective immediately, no new Tier 1 accounts or wallets can be opened without BVN or NIN.

For existing accounts without BVN or NIN, unfunded accounts will be placed on “Post No Debit or Credit” until the requirements are met. Starting March 1, 2024, all funded accounts without BVN or NIN will also be restricted from transactions.

A number of Nigerians reacting on social media platform X, wondered how anyone can have a bank account without BVN.

“So they have so many accounts without no bvn before? This country na joke” Stanley Stanley Junior sai.

“Are there any bank that opens an account without BVN?” @EdogaSimon asked.

Diamond Swit @diamondswit16 is worried about the effects of the directive on Nigerians in the diaspora who have bank accounts.

“And what will happen with the diaspora account? A lot of them don’t have bvn or nin number. What a country. Instead of fixing the system first, they’re making laws that will negatively affect the Nigerian people” she said.

As the deadline for BVN and NIN registration approaches, Nigerians are encouraged to promptly link their BVN and NIN to their bank accounts to avoid any disruptions to their financial transactions.

The CBN has advised the public to utilize various BVN and NIN registration channels, including bank branches, mobile registration centres, and online platforms.

This might lead to people rushing to the banks to ensure they beat the deadline.