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Central Bank Implements “Post no Debit” for Accounts Without BVN and NIN

December 1, 2023

In a recent circular sent to deposit money banks, the central bank has declared that starting from April 2024, all bank accounts lacking BVN (Bank Verification Number) and NIN (National Identification Number) will be subject to a “Post no Debit” status.

Additionally, the central bank emphasized the electronic revalidation of BVN or NIN linked to AL accounts/wallets, with a deadline set for January 31, 2024.

For more details, please refer to the attached circular.

 

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