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CBN bans withdrawals from bank accounts without BVN

By News Express on 03/11/2015

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The Central Bank of Nigeria (CBN) yesterday expressed satisfaction with the progress made in the implementation of the Bank Verification Numbers (BVN) project, especially for accounts operated by residents of Nigeria. It did this via a statement issued in Abuja by the Bank’s Director, Corporate Communications, Alhaji Ibrahim Mu’azu.

The statement, however, said that with the expiration of the October 31 enrolment deadline, the apex has directed that bank accounts of Nigeria residents without the BVN would henceforth be operated as “NO CUSTOMER INITIATED DEBIT” account, until the account holders obtain and attach BVNs to the accounts. This means that a customer may not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account.

The CBN statement clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated. It therefore advised the deposit money banks to educate their customers accordingly.

It also advised the banks to remind their customers of the need to link their BVN with their accounts if they had done the enrolment at another bank. 

It will be recalled that the CBN had issued a statement stipulating that any bank customer without the BVN by October 31, 2015, would be deemed to have inadequate Know Your Customer (KYC) requirements.

•Photo shows CBN Governor Godwin Emefiele.

Source News Express

Posted 03/11/2015 04:41:10 AM

 

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