Politics
2 Million Accounts Shut Down By Banks Due To BVN, NIN Linkage
2 Million Accounts Shut Down By Banks Due To BVN, NIN Linkage....KINDLY READ THE FULL STORY HERE▶
During the initial quarter of 2024, commercial banks in Nigeria took the step to close approximately 2.021 million bank accounts, aiming to streamline their records by removing questionable accounts and adhering to regulatory mandates concerning the linkage of bank accounts with the National Identity Number (NIN). This revelation surfaced in a report published by the Nigerian Interbank Settlement System (NIBSS).
In December 2023, the Central Bank of Nigeria (CBN) had issued a directive instructing all commercial banks in the nation to limit tier-1 accounts lacking proper Biometric Verification Number (BVN) and National Identity Number (NIN), if unlinked, by Thursday, March 1st, 2024.
The report further disclosed a notable rise in the number of inactive bank accounts, which saw a month-on-month increase of four million or 2.0 percent, escalating to 19.7 million in March 2024 from 19.3 million in the previous month of February. An account is categorized as inactive when it registers no transactions—be it deposits, withdrawals, transfers, or point-of-sale transactions—for a duration of six months.
Nonetheless, data extracted from the “Industry Bank Account Database,” a monthly compilation of data reported by banks and managed by the Nigerian Interbank Settlement System (NIBSS), indicated a simultaneous growth in the number of active bank accounts. This growth amounted to 6.62 million or 3.0 percent, reaching 219.64 million from 213.02 million in February.
According to the NIBSS data on BVN enrollment count, as of April 2024, approximately 61.6 million Nigerians have BVN.
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Source: Bushradiogist
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