BVN registrations reach 59.9 million – NIBSS

The number of registered Nigerians has increased to 59.9 million ahead of the January 31, 2024 deadline to obtain a Bank Verification Number BVN from the Central Bank of Nigeria.

This was made clear by the recent BVN registration data update released by the Nigerian Interbank Payment System.

The figures show that more than one million Nigerians have registered BVN in the past three months. The number of registrations in September was 58.7 million.

Recall that on December 1, the CBN warned banks that accounts without a BVN and National Identification Number would be frozen from March 1, 2024.

The central bank has imposed a “Post no Debit” restriction on banks that prohibits customers from making withdrawals, transfers or other debits for “all existing Tier-1 accounts/wallets without BVN or National Identity Number”. requested that it be imposed.

“Accounts/wallets with insufficient funds will be immediately placed in 'no debit or credit' status until the new process is completed.

According to a circular issued by Mr. Chibuzo Efobi, CBN’s Payment Systems Management Director, and Mr. Efobi, “From March 1, 2024, all funded accounts or wallets will be placed on ‘no debit or credit’ status. No further transactions will be permitted.” Haruna Mustafa, Director of Financial Policy and Regulation;

The apex bank further emphasized that all BVNs or NINs associated with accounts/wallets must be electronically revalidated by January 31, 2024.

Source: dailypost.ng