CBN Mandates BVN and NIN Linkage
The Central Bank of Nigeria (CBN) has recently implemented a pivotal amendment to Section 1.5.3 of the Regulatory Framework for Bank…
CBN Mandates BVN and NIN Linkage
The Central Bank of Nigeria (CBN) has recently implemented a pivotal amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watchlist for the Nigerian Banking Industry. This amendment signifies a significant step towards bolstering Know Your Customer (KYC) procedures, ultimately aiming to fortify the stability and integrity of the Nigerian financial system.
The Mandate: BVN and NIN Linkage for All Accounts and Wallets
Effective immediately, the CBN mandates the linkage of either a Bank Verification Number (BVN) or National Identification Number (NIN) for all Tier 1 accounts and wallets belonging to individuals. This applies not only to new accounts but also to existing ones, highlighting the CBN’s unwavering commitment to comprehensive KYC compliance.
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