The Central Bank of Nigeria (CBN) has ordered banks and other financial institutions to close accounts without Bank Verification Number (BVN) in 30 days.
In a review of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-list for the Nigerian Banking Industry, the CBN directed banks to link customer’s BVN to related accounts/wallets (except Tier 1).
This requires using the customer’s BVN generated after his/her enrollment to link accounts/wallets to which he or she is a signatory, after validation.
“No new account/wallet shall be allowed to operate without BVN (except inflows), however, any account/wallet without BVN shall be closed within 30 days”