CBN Gives Zenith , Others 30 Day Deadline To Close, Delink Bank Accounts


 Central Bank of Nigeria (CBN) has issued a 30-day ultimatum to Zenith , Fidelity and other Nigerian banks to close bank accounts without BVN 

According to the apex bank, the directive is aimed at promoting safer, more reliable, and more efficient banking and payment systems Data from the NIBSS showed that 57.39 million customers’ accounts have been linked to their BVNs as at April 8, out of over 190 million bank accounts 

The Central Bank of Nigeria (CBN) has issued a 30-day ultimatum to Nigerian banks to close bank accounts without Bank Verification Number (BVN). The deadline is contained in CBN's Regulatory Framework for Bank Verification Number (BVN). Nigerian banks have been given 30 days to close bank accounts without BVN. 

How the account closing will work As part of the policy implementation plan, the CBN directed banks to link customer’s BVN to related accounts/wallets (except Tier 1), 

This requires using the customer’s BVN generated after his/her enrollment to link accounts/wallets to which he or she is a signatory, after validation.

 Part of the framework reads: "No new account/wallet shall be allowed to operate without BVN (except inflows), however, any account/wallet without BVN shall be closed within 30 days." CBN also said the BVN shall be delinked upon the approval of the Chief Audit Executive of the customer’s bank. It said delinking of customers’ BVN from accounts/wallets involves removing the BVN of a signatory (except for Directors/Beneficial owners) that is linked to an account/wallet. CBN explained: “This delinking is for corporate or joint accounts and for activities not associated with breaches. Returns on delinked accounts/wallets (except Tier 1) shall be rendered to the Director, Payments System Management Department on a monthly basis."

Also, Where there is no linked account, a nil report should be submitted while fraud management is a process aimed at using BVN to deter, prevent, detect and mitigate the risks of fraud in the banking industry." 

Meanwhile, in another report, CBN is preparing to issue guidelines to promote the safe and efficient use of contactless payments in Nigeria. Guidelines cover technical and operational requirements, security measures, and standards for issuing and accepting contactless payment. 

The move is part of the CBN's effort to modernise the cashless payment policy in the country. 


Chris Kehinde Nwandu is the Editor In Chief of CKNNEWS || He is a Law graduate and an Alumnus of Lagos State University, Lead City University Ibadan and Nigerian Institute Of Journalism || With over 2 decades practice in Journalism, PR and Advertising, he is a member of several Professional bodies within and outside Nigeria || Member: Institute Of Chartered Arbitrators ( UK ) || Member : Institute of Chartered Mediators And Conciliation || Member : Nigerian Institute Of Public Relations || Member : Advertising Practitioners Council of Nigeria || Fellow : Institute of Personality Development And Customer Relationship Management || Member and Chairman Board Of Trustees: Guild Of Professional Bloggers of Nigeria

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