Banking halls were swarmed by a large crowd on Monday, as customers rushed to link their Bank Verification Numbers and National Identity Numbers to their bank accounts.
This comes in response to a new directive from the banking regulator on Friday, instructing banks to restrict access to accounts for customers who had not linked their BVN and NIN.
The Central Bank of Nigeria’s new directive states that existing customers must, “Ensure all operated accounts/wallets created through agents, are fully profiled in the NIBSS ICAD and tagged with valid and correct BVN and/or NIN.”
It further added that, “Effective immediately, any unfunded account/wallet shall be placed on ‘Post no debit or credit’ until the new process is satisfied.
Effective March 1, 2024, all funded accounts or wallets shall be placed on ‘Post no debit or credit’ and no further transactions permitted.”
Post no debit refers to a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or debits from their accounts
A senior official of a Tier-1 bank in Lagos mentioned in an interview with PUNCH, “The 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 rationalization to keep the operating expenses low.”
Another branch manager of a new generation bank, also in an interview, stated that if the influx of customers without BVN and NIN was high, 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.
Despite the CBN’s directives to the banks to continue to issue, accept old and redesigned naira banknotes, scarcity of the local currencies has persisted
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