CBN Considers Shutting Down 3 Million Bank Accounts in Access, Zenith, and Others Due to NIN/BVN Compliance Issues!

With January 31, 2024, marked as the ultimate cutoff, the Central Bank of Nigeria (CBN) has raised the stakes for account holders. Following a directive sent out to financial institutions, failure to electronically revalidate BVNs/NINs attached to accounts could result in severe consequences, including account closures.

The CBN’s move affects approximately three million accounts, and as the deadline approaches, the pressure mounts for account holders. Those without a Bank Verification Number (BVN) or National Identity Number (NIN) attached to their accounts face the risk of financial halt, with ‘Post No Debit or Credit’ status for non-compliant accounts from March 1, 2024, effectively shutting down transactions.

Industry reports indicate a substantial portion of unbanked adults holding NINs, yet a fraction of banked individuals remains without BVN or NIN. This move could disrupt a significant portion of Nigeria’s banking landscape, considering the total number of active accounts, standing at 133.5 million as per the National Bureau of Statistics (NBS) data.

The rush is on as the deadline nears, with many customers scrambling to update their accounts in line with the CBN directive. The looming possibility of blocked accounts is driving a last-minute frenzy to ensure compliance and retain banking functionality