The Central Bank of Nigeria (CBN) has directed commercial banks to place all accounts without Biometric Verification Number (BVN) on a ‘post no debit’ status.
The CBN said credit lodgment inclusive of deposits and inward transfers, may be received into such accounts. OFIs operators are urged to continue to enroll customers of such accounts and remove the suspension once they comply.
A circular released to this effect said: “following the expiration of the extended deadline of December 31, 2017 for your customers to enroll and/or submit their BVN details to your institutions, you are required to place all accounts without BVN on a ‘post no debit’ status. However, credit lodgment inclusive of deposits and inward transfers, maybe received into such accounts.
“You are required to continue to enroll customers of such accounts and only remove the ‘post no debit’ restriction when a valid BVN has been obtained and submitted by the customer or the customer has been duly enrolled by your institution. Our earlier directive on the conspicuous display of notices sensitizing customers n BVN in the banking hall”.
Adesemoye reiterated that this directive takes effect immediately and the CBN will continue to monitor compliance. Non-compliance will be met with appropriate sanctions the circular signed by Adesemoye noted.
The apex bank had extended the deadline from July 1 to December to allow more prospective MFBs customers to register on BVN.
Share this
