Tag: BVN

CBN to freeze accounts without BVN, NIN April 2024

Aminu Imam

Central Bank of Nigeria (CBN), has directed a “Post-no-Debit” restriction on all bank accounts without a Bank Verification Number (BVN) and National Identification Number (NIN), effective April 2024. This is according to a circular issued by the apex bank and sent to all deposit money banks yesterday, which instructed banks to place a “Post-no-Debit” restriction –which prevents customers from making withdrawals, transfers, or any other debits “for all existing Tier-1 accounts/wallets without BVN or NIN”. “Post-No-Debit” is a term used to describe a restriction imposed by banks on specific accounts, preventing customers…

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Cash Transfer: FG disqualifies Nigerians without NIN, BVN; CBN begins payment

Aminu Imam

The Federal Government is currently conducting a review and expansion of the National Social Register to include pensioners and ex-servicemen within its Conditional Cash Transfer scheme. According to reports, the Government is also working on eliminating deceased beneficiaries from the register and disqualifying individuals who do not possess National Identification Numbers (NIN) and Bank Verification Numbers, (BVN). Notably, payments will be disbursed directly to the beneficiaries by the Central Bank of Nigeria, (CBN), with the initial batch of bulk payments set to commence next week, benefiting five million households. Furthermore,…

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FG to replace BVN with NIN

Aminu Imam

The Federal Government has said arrangements are ongoing to replace the Bank Verification Numbers (BVN) with the National Identity Numbers (NIN). The Minister of Communications and Digital Economy, Dr. Isa Pantami, who disclosed this to newsmen shortly after a tour of telecoms operators and NIN licensees in Abuja, said President Muhammadu Buhari has been briefed on the on-going NIN registrations. Pantami said the President was excited with the conducts of the exercise so far. He explained that he had made a presentation to the National Economic Sustainability Committee and drew the…

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FG apologises over controversial tweet ordering bank account holders to re-register

Ishaku Yohanna

The Federal Government has apologised for misleading the public when it ordered all account holders in the country’s financial institutions to register their details again. The government had said on its twitter handle that despite the possession of the Bank Verification Number and the National Identification Number by account holders, they must re-register. But the Federal Government on Friday apologised for the misleading information, saying that not everyone would have to re-register with the banks. “We apologize for the misleading tweets (now deleted) that went up yesterday, regarding the completion…

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Despite BVN, FG asks bank account holders to register again

Ishaku Yohanna

The Federal Government of Nigeria has directed Nigerians with accounts in any financial institutions to obtain complete and submit Self – Certification Forms to their respective financial institutions. The financial institutions comprise of banks, insurance companies and others. The forms, according to a tweet thread from the verified account of the Government of Nigeria explained that the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019. The federal government said individuals who hold accounts in different financial…

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