Nigeria banks currently need more cash as customers rush to revalidate their Bank Verification Numbers (BVN) and National Identity Numbers (NIN).
On Monday morning, a huge crowd surrounded banking halls nationwide to link their BVN and NIN to their bank accounts. According to an official of First Bank, Akure, Ondo State, who spoke on the condition of anonymity, there was an unusual crowd in banks today, mainly due to the connection of their bank verification number
This was in response to a new directive from the banking regulator, which requires all banks to notify customers who have not linked their BVN and NIN that they will no longer have access to their accounts.
Effective March 1st, 2024, all funded accounts or wallets will be placed on “post no debit or credit”, and no further transactions will be permitted on accounts that are not linked with the requirements.
This restriction, commonly known as ‘post no debit,’ is a measure taken by banks to prevent customers from making withdrawals, transfers, or debits from their accounts.
The Central Bank of Nigeria (CBN) has also directed existing customers to ensure that all accounts and wallets created through agents are fully profiled in the Nigeria Inter-Bank Settlement System Instant Payment (NIBSS ICAD) and tagged with valid and correct BVN or NIN.
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