The Central Bank of Nigeria, CBN, has mandated financial institutions to halt transactions in all funded individual accounts or wallets without Bank Verification Number (BVN) or National Identity Number (NIN) , effective March 1, 2024. The apex bank also said that all existing unfunded individual Tier1 accounts/wallets without BVN or NIN shall be placed with immediate effect on “Post No Debit or Credit”. CBN disclosed this today in a circular to all commercial, merchant, non-interest and payment service banks, other financial institutions and mobile money operators, noting that all individual…
Read MoreCBN DIRECT BANKS TO HALT TRANSACTIONS ON ACCOUNTS WITHOUT BVN, NIN MARCH 1ST 2024
