Huge crowd besieged banking halls on Monday, as customers moved to link their Bank Verification Numbers and National Identity Numbers to their bank accounts.<\/p>\n\n\n\n
This followed the new directive of the banking regulator to the banks on Friday, to bar customers who were yet to link their BVN and NIN from having access to their accounts.<\/p>\n\n\n\n
CBN said in its new directive that existing customers must, \u201cEnsure all operated accounts\/wallets created through agents, are fully profiled in the NIBSS ICAD and tagged with valid and correct BVN and\/or NIN.\u201d<\/p>\n\n\n\n
It added that, \u201cEffective immediately, any unfunded account\/wallet shall be placed on \u2018Post no debit or credit\u2019 until the new process is satisfied.<\/p>\n\n\n\n
\u201cEffective March 1, 2024, all funded accounts or wallets shall be placed on \u2018Post no debit or credit\u2019 and no further transactions permitted.\u201d<\/p>\n\n\n\n
Post no debit is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or debits from their accounts.<\/p>\n\n\n\n
An official of First Bank, Akure, Ondo State, who pleaded anonymity, said there was more crowd in the bank than usual.<\/p>\n\n\n\n
\u201cThere are more people in the bank today to do one thing or the other, most especially the connection of their Bank Verification Number,\u201d he said.<\/p>\n\n\n\n
A senior official of a Tier-1 bank in Lagos in an interview \u201cThe truth is that many banks will find it difficult to cope with the anticipated rush as we have lost several key employees to the Japa syndrome. Besides, the banks had embarked on staff rationalisation to keep the operating expenses low.\u201d<\/p>\n\n\n\n
A branch manager of a new generation bank, also in an interview said if the rush of customers without BVN and NIN was much, the lender would have no choice but to extend the working hours for its employees, and might consider working on Saturdays and Sundays to clear the backlog.<\/p>\n\n\n\n
Latest Data obtained from the Nigeria Inter-Bank Settlement System showed that over 75 million bank accounts could be restricted or outrightly blocked as only 59 million BVN was registered as of October 9, 2023.<\/p>\n","protected":false},"excerpt":{"rendered":"
Huge crowd besieged banking halls on Monday, as customers moved to link their Bank Verification Numbers and National Identity Numbers to their bank accounts. This followed the new directive of the banking regulator to the banks on Friday, to bar customers who were yet to link their BVN and NIN from having access to their […]<\/p>\n","protected":false},"author":2,"featured_media":12885,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[4,3],"tags":[],"class_list":["post-12861","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-naija-news"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.funminews.com\/wp-content\/uploads\/2023\/12\/CBN-Gov-Olayemi-Cardoso_2.jpg?fit=650%2C350&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/12861","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/comments?post=12861"}],"version-history":[{"count":5,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/12861\/revisions"}],"predecessor-version":[{"id":12886,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/posts\/12861\/revisions\/12886"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media\/12885"}],"wp:attachment":[{"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/media?parent=12861"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/categories?post=12861"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.funminews.com\/index.php\/wp-json\/wp\/v2\/tags?post=12861"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}