Mobile money agents seek extension of CBN deadline for NIN BVN registration

Stakeholders in the financial sector have called on the Central Bank of Nigeria (CBN) to extend the March 2024 deadline for customers to link their Bank Verification Number (BVN) and National Identification Number (NIN) to their bank accounts.

According to the National President of the Association of Mobile Money and Bank Agents in Nigeria, Sarafadeen Fasasi, going ahead with the CBN’s directive to bar customers without BVN and NIN from having access to their accounts from April 1, 2024, would cause unnecessary hardship on bank customers.

He said, “We agree that all bank accounts must have the minimum KYC, however, our challenge is with the urgency with the implementation and that has always been our own challenge with the Central Bank of Nigeria. We think the issue of KYC shouldn’t be an issue that should generate so much controversy and it should be gradual. It should not be an emergency. “

Speaking further, Fasasi urged the CBN to set up a meeting with industry stakeholders to resolve all the issues regarding the registration process and create a time limit of at least, a year to allow customers to regularise.

Recall the CBN in a circular signed by the Director, Payments System Management Department, Chibuzo Efobi, and Director, Financial Policy and Regulation Department, Haruna Mustapha had directed a “Post no Debit” restriction on all bank accounts without a Bank Verification Number and National Identification Number effective April 2024.

The CBN circular also stated that by January 31, 2024, all the BVN or NIN associated with all accounts/wallets must be electronically revalidated.

Stakeholders have however expressed worries about the new directive adding that the move would trigger a last-minute rush as customers may delay in complying.

Others have also asked the CBN to sanction the deposit money banks instead, for allowing customers to operate accounts without the required KYC instruments.