Approximately 91 million bank accounts in Nigeria are facing the threat of being frozen as the Central Bank of Nigeria (CBN) sets a deadline of March 1st for linking accounts with either the National Identity Number (NIN) or Bank Verification Number (BVN).
The CBN instructed commercial banks to limit tier-1 accounts lacking proper BVN or NIN connectivity. According to regulations released on December 1, 2023, unfunded accounts were immediately placed on “Post No Debit or Credit,” while funded accounts would face the same restriction from March 1, 2024.
Over the weekend, banks intensified efforts, sending final reminders to depositors to link their accounts digitally or visit branches to avoid potential account freezing. The directive mandated electronic revalidation of BVN or NIN associated with all accounts by January 31, 2024.
Though the CBN has not officially clarified consequences for non-compliance, banks have warned customers that failure to link their BVN/NIN could lead to transaction restrictions.
The looming deadline has triggered panic among depositors, resulting in a surge of bank visits as customers rush to update their account information before March 1.
As of January 26, the Nigeria InterBank Settlement System (NIBSS) reported that BVN-linked accounts stood at 60,492,104 million. With just days left until the deadline, millions of account holders are scrambling to ensure compliance with the CBN’s directive to avoid the risk of having their accounts frozen.
