On Friday, the Central Bank of Nigeria instructed commercial banks to enforce a “post no debit” restriction on accounts lacking Bank Verification Numbers and National Identity Numbers, effective March 2024.
Bankers anticipate a surge in customers rushing to comply, posing challenges for both banks and registration centers.
While a senior official views this as a move to cleanse the industry, concerns arise over staffing limitations, potential extended working hours, and impacts on naira liquidity.
The directive aims to enhance financial system stability, requiring mandatory BVN or NIN registration for Tier-1, 2, and 3 accounts. A comprehensive audit is planned, and non-compliance may lead to sanctions.
The CBN underscores the importance of uniform adherence to these measures for all regulated institutions.
The move aligns with previous plans, disclosed in April 2023, to eliminate unlinked BVN accounts.
Experts express support, emphasizing the need for citizens to embrace compliance, citing its role in combating financial crimes and ensuring data integrity.
