Nigerian banks close 2 million accounts over NIN-BVN linkage and others
A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.
However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.
Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number, BVN, and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.
According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.
In another development, a total of 105 accounts linked to unauthorised foreign currency transactions, money laundering, and financing of terrorism have been frozen by nine fintech businesses.
Full Story: https://www.intelregion.com/news/nigerian-banks-close-2-million-accounts-over-nin-bvn-linkage-and-others/
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