Alert: Central Bank of Nigeria Circular PSM/DIR/PUB/CIR/001/053
Title: Circular on Tier 1 Wallets and Accounts, Guidance Note and Profiling of All Customer Accounts/Wallets
Summary: Financial institutions in Nigeria are required to ensure that all Tier-I bank accounts and wallets have a Bank Verification Number (BVN) and/or National Identification Number (NIN). This requirement also applies to Tier 2 & 3 accounts and wallets for individual customers. The process for account opening should involve retrieving BVN or NIN information electronically from the appropriate databases, and all existing customer accounts/wallets with validated BVN should be profiled in the industry customer account database within 24 hours of opening.
Posted on: Friday, December 01, 2023
Download: PSM/DIR/PUB/CIR/001/053