CBN Moves To Freeze Bank Accounts Without BVN, NIN

By Ayodele Oni

To curb activities of scammers that defraud owners of bank accounts in the country, the Central Bank of Nigeria (CBN) is set to freeze accounts without a Bank Verification Number (BVN) or National Identification Number (NIN) from April 2024.

This is according to a Friday circular by the apex bank which said a BVN or NIN verification will be “conducted shortly”.

Owners of bank accounts have in recent been victims of scammers that randomly and illegally withdraw money from banks accounts which do not belong to them.

Some of the illegal withdrawals have also been traced to some staff of the banks, who collude with the scammers to rip off unsuspecting customers.

The CBN explained that the move is part of its efforts to promote financial system stability and strengthening of the Know Your Customer (KYC) procedures in financial institutions under its purview.

It also said all BVN or NIN attached to accounts/wallets must be electronically revalidated by January 31, 2024, according to the circular by the CBN Director of Payments System Management Department, Chibuzo Efobi, and the Director of Financial Policy and Regulation Department Haruna Mustapha.