CBN's New Mandate: PND on Bank Accounts Without BVN and NIN from April 2024

CBN mandates BVN/NIN for all accounts. Stay compliant with the latest banking directive for financial stability

The Central Bank of Nigeria (CBN) has issued a directive to all financial institutions, instructing them to place "Post No Debit (PND)" on accounts without Bank Verification Number (BVN) and National Identification Number (NIN) from April 2024.

 The circular mandates the revalidation of all BVN or NIN linked to accounts/wallets by January 31, 2024, as part of the CBN's efforts to strengthen Know Your Customer (KYC) procedures for financial system stability. The directive outlines the process for account opening, emphasizing the mandatory requirement of BVN and/or NIN for Tier-1, Tier-2, and Tier-3 bank accounts and wallets. 

The CBN emphasizes electronic retrieval of BVN or NIN-related information and profiling of customer accounts on NIBSS' ICAD within 24 hours of opening. All guidelines and related regulations remain applicable.