The Central Bank of Nigeria (CBN) has mandated the use of Bank Verification Number (BVN) or the National Identification Number (NIN) by all owners of Tier-1 mobile money wallets and accounts.
The apex bank in a circular to all commercial banks, merchants, non-interest and payment service banks, other financial institutions and mobile money operators stated that the move was part of its effort in promoting financial system stability, necessitating the strengthening of the Know Your Customer (KYC) procedures.
In a statement jointly signed by Chibuzo Efobi, Director Payments System Management Department and Haruna Mustafa, Director Financial Policy and Regulation Department of the bank also notified the institutions that it remains mandatory for all Tiers 2 & 3 accounts and wallets for individuals to have BVN and NIN.
Notable amendments to the existing regulatory framework for BVN operations and watch-list for the Nigerian banking Industry is that henceforth, no Tier 1 accounts will be opened without BNV or NIN, all existing accounts or wallets without BVN or NIN would be placed on no debit at the end of March 2024 while January 31, 2023, has been fixed as deadline for mandatory electronic revalidation.
The 2017 mobile money guideline did not require a mandatory BVN provision for KYC documentation for Tier 1 mobile money wallet holders.
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