CBN Orders Banks to Place PND on Accounts Without BVN, NIN

Image

By Adedapo Adesanya

All bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will from April 2024 have “Post No Debit (PND)” placed on them.

This is the latest directive of the Central Bank of Nigeria (CBN) to financial institutions operating in the country.

In a circular issued by the apex bank and sent to all deposit money banks (DMBs) on Friday evening, the CBN said all the BVN or NIN attached to and/or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024.

In the circular seen by Business Post, the central bank said the move was part of its effort to promote financial system stability, and as a result, it is necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of its as contained in Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN).

As a result, “It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN,” adding that, “it remains mandatory for Tiers 2 & 3 accounts and wallets for Individual accounts to have BVN and NIN.”

Also, the process for account opening shall commence by electronically retrieving BVN or NIN-related information from the NIBSS’ BVN or NIMC’s NIN databases and for the same to become the primary information for onboarding of new customers.

The directive noted that all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS ICAD immediately and within 24 hours of opening accounts/wallets.

The statement noted that where a BVN or NIN exists for a new customer, the regulated financial institution shall use the same to electronically check the BVN database at the NIBSS portal and NIN at the NIMC portal ii. electronically retrieve and retain the underlying details (Names, DoB, Gender, Phone No, etc) as the authentic customer’s details, and where authentication is successful, other procedures and customer information required to complete the onboarding process can continue.

Additionally, the CBN noted that regulated financial institutions are required to profile ALL their customers’ accounts/wallets on NIBSS’ ICAD, and tag them with their unique identifiers within 24 hours of generating and assigning an account number to a customer (new or existing).

Other requirements of the Guidelines and related regulations remain valid and applicable, it said in the circular.

Share
Related Stories
Image
13-February-2024

Tunisia Joins Nigeria, Others to Adopt PAPSS

By Adedapo Adesanya Tunisia, through its central bank, Banque Centrale de Tunisie (BCT), has joined the Pan African Payment and Settlement System (PAPSS), making it the first North African country and 13th country to be boarded on the platform. PAPSS, developed by the African Export-Import Bank (Afreximbank) in collaboration with the African Union (AU) and the African Continental Free Trade Area (AfCFTA) Secretariat, facilitates real-time settlement of intra-African trade and payments, in African currencies, across the continent. The platform unites central banks from across Africa and seeks to address the existing challenges faced by African businesses and individuals in accessing

Image
24-January-2024

Fidelity Bank Restores Service After Routine Banking Platform Upgrade

By Aduragbemi Omiyale Fidelity Bank has announced the restoration of its service after a routine upgrade on its banking platform on Tuesday. Yesterday, some customers of the financial institution experienced a few difficulties in completing their financial transactions. The bank later sent a message to its customers, informing them of an upgrade being carried out to ensure they enjoy better services. “Please be informed we are currently carrying out a routine upgrade on our banking platform. “As a result of this, you may experience intermittent service disruptions while using our digital platforms. Kindly bear with us as the upgrade will

Image
22-January-2024

Go Beyond Banking, Do Everything and More With AccessMore App

The last time a family member of mine booked a plane ticket they had to go to the airport to do it. Imagine if you could book international flights from the comfort of your hands. Imagine being able to send money to someone in the UK from your Nigerian account directly into their UK account or even converting dollars to naira easily on your bank app. These features and more are what Access Bank is offering through the newly launched Access More app. Beyond just banking AccessMore is a state-of-the-art, mobile banking application offering a wide range of financial solutions,

More Stories
Image
07-September-2021

Abia Seeks to Develop Small Businesses with SME Bank

By Adedapo Adesanya The Abia State Government has disclosed that its Small and Medium Scale Micro-Finance Bank will serve the needs of startups for business development. This was disclosed by the state governor, Mr Okezie Ikpeazu through the Special Adviser to Governor Okezie Ikpeazu on Social Investments, Mr Chinenye Nwogu. He said the SME bank, which was unveiled in Aba last Friday by Mr Ikpeazu, would focus on providing funds for developing small and medium scale businesses in Aba so as to make economic growth a reality in the state. He said the idea of the bank was mulled by

Image
12-May-2018

Junior Arsenal-Idimu Wins 2018 Taiwo Afolabi U-17 Football Cup

By Dipo Olowookere A grassroots football outfit from one of the outskirts of Lagos State, Junior Arsenal of Idimu, has emerged winner of this year’s Taiwo Afolabi U-17 Football Cup. The team defeated their opponent, Beachland FC, at the final of the tournament played at the Campus Mini Stadium Ajele Lagos Island on Sunday, April 29, 2018. The competition was played to honour Dr Taiwo Afolabi, the Group Executive Vice Chairman of SIFAX Group, who clocked 56 recently. It was put together by SIFAX Group and the Lagos State Grassroots Soccer Association. At the finals of the cup, Mr Afolabi

Image
01-February-2021

Gbaramatu Voice Newspapers Scorecard at Three

If there is any reason that has made our journey smooth and aided our transition to the top as a corporate media organisation within this short period, it is our founder’s shared belief that the function of the press is very high and almost holy. That it must serve as a forum for the people, through whom they may freely know what is going on and to misstating or suppressing information is a breach of trust This belief of our publisher no doubt brought about an in-built consciousness among the staff that, ‘every decision we make as a journalist when

Image
15-August-2022

Old English Supermarket Opens New Outlet in Surulere

By Modupe Gbadeyanka A new outlet of a novel superstore, Old English Supermarket, has been opened in the Surulere area of Lagos State, increasing the number of outlets of the company to five in the commercial capital of Nigeria. The new store will serve residents of Surulere and its environs and it followed the demand for the brand in the area. With its branches in Omole, Abule Egba, GRA-Ikeja, and Isolo already satisfying customers and enjoying good patronage, the new outlet will cater for a new set of customers who want quality service and an innovative approach to customer satisfaction

Image
22-January-2024

African Startups Funding Drops 21% to $4.1bn in 2023

By Adedapo Adesanya The total value of funds secured by African startups dropped 21 per cent to $4.1 billion in 2023 from $5.2 billion in 2022 as a result of a wider global slump in funding, a report by Briter Intelligence showed. According to the Briter Bridges’ Africa Investment Report 2023: Crisis or Adjustment?, after a decade of slow but steady rise, with $1 billion raised, African ecosystems saw a sudden funding spike after COVID-19 in 2021 and 2022, however, this growth halted in 2023. Briter Bridges, an intelligence and research firm providing data and insights across emerging markets, said

Image
22-September-2016

Kaduna Gets N40b Investment In Potatoes

By Modupe Gbadeyanka A partnership agreement between the Kaduna State Government and Vicampro Farms Limited will bring about N40 billion investment into the state, Business Post has learnt. The deal between the state government and the private firm was completed on Monday in Kaduna and it is to boost potato farming in Nigeria. According to the Commissioner for Agriculture in the state, Dr Manzo Daniel Maigari, the investment would comprise building plant for the processing of potatoes as well as outgrowing Irish and sweet potatoes through local farmers. The factory will be located in Manchok and is expected to be

Image
08-July-2022

NCDC Warns of COVID-19 Fifth Wave as Nigerians Celebrate Sallah

By Adedapo Adesanya The Nigeria Centre for Disease Control (NCDC) has issued a public health advisory amid the recent increase in COVID-19 cases in the country and globally as the nation is set to celebrate the Eid-el-Kabir holidays. Business Post had on Thursday reported that the federal government declared public holidays for Monday, July 11 and Tuesday, July 12 to mark Sallah tomorrow. The Nigerian infectious diseases authority on Friday issued the warning as the number of weekly COVID-19 cases has increased globally for the third consecutive week – according to the World Health Organisation (WHO). “This is based on

Image
03-September-2021

Senate Tackles SEC DG Over N9bn Personnel Costs

By Aduragbemi Omiyale The Senate has expressed worry over the high personnel costs of the Securities and Exchange Commission (SEC), tasking the Director-General, Mr Lamido Yuguda, to do something urgently to save the agency from collapsing. On Thursday, Mr Yuguda made a presentation before the Senate Joint Committees on the 2022-2024 Medium-Term Expenditure Framework (MTEF) and Fiscal Strategy (FSP) and he said the agency intends to generate N11.5 billion as revenue in 2021, with N10.2 billion for personnel costs. This did not go down well with the lawmaker, especially Mr Solomon Adeola, a trained accountant and politician from Lagos, who

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods