CBN To Implement Ban On Bank Accounts Without These Details, Check It Out
Friday 1 December 2023
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In a groundbreaking move, the Central Bank of Nigeria (CBN) has issued a directive set to reshape the banking landscape. Commencing April 2024, any bank account devoid of the Bank Verification Number (BVN) and the National Identification Number (NIN) will be subjected to a "Post no Debit" status. This pivotal information was disseminated through a circular sent to all deposit money banks.
The circular also underscores the urgency of electronic revalidation for BVN or NIN associated with AL accounts/wallets, with a crucial deadline set for January 31, 2024. The CBN's proactive approach aims to enhance the security and integrity of financial transactions, ensuring that accounts align with the biometric and identification measures implemented. CONTINUE READING....
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For account holders, this announcement serves as a crucial reminder to take prompt action in updating their BVN or NIN details. Failure to comply with these directives could result in restricted access to financial services.
As the April 2024 deadline approaches, it becomes imperative for individuals to stay informed and promptly adhere to the electronic revalidation requirements. This proactive measure by the CBN emphasizes the importance of aligning with regulatory standards to maintain seamless banking operations. Stay tuned for further updates on this transformative development in the financial sector. CONTINUE READING....
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