•CBN Governor Yemi Cardoso The Central Bank of Nigeria (CBN) has confirmed the process of enrolling for the Bank Verification Number (BVN) remains completely free for Nigerians residing within the country. This clarification comes in response to recent speculations and reports suggesting that new charges had been introduced following the launc...
The Nigeria Deposit Insurance Corporation (NDIC) reported that 84.98% of depositors from the now defunct Heritage Bank have been reimbursed, thanks to the use of Bank Verification Numbers (BVN). NDIC’s CEO, Bello Hassan, announced this at the ongoing 21st edition of the NDIC Workshop for Business Editors and Finance Correspondents Association...
Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number, NIN. This is contained in a report by the Nigerian Interbank Settlement System, NIBSS, which also [&...
The Central Bank of Nigeria has instructed all bank customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their bank account (s). The apex bank had in a circular on December 1st 2023, directed that banks should place restrictions on all Tier 1 bank accounts without BVN, reports Vanguard. Tier [&hell...
Confusion reigned in the banking industry yesterday as some banks restricted access to bank accounts not linked to the National Identity Number, as directed by the Central Bank of Nigeria, CBN. The CBN had in a circular on December 1, 2023 directed that banks should place restrictions on all Tier 1 bank accounts without BVN, […]
The Central Bank of Nigeria (CBN) says it will freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024. This is according to a circular issued today by the apex bank which said a BVN or NIN verification will be “conducted shortly”. … developing story
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