Central Bank of Nigeria (CBN) has directed Other Financial Institutions (OFIs) to place all accounts without Biometric Verification Number (BVN) on a ‘post no debit’ status. OFIs operators are those in Micro Finance Banks (MFBs), Primary Mortgage Institutions, Development Finance Institutions (DFIs), Discount House, Bureaux-de-change, among others.
The CBN in a circular signed by Mr. Adedeji Adesemoye, director of Other Financial Institutions supervision department, said credit lodgments inclusive of deposits and inward transfers, may be received into such accounts. He directed those in the OFIs operators to continue to enroll customers of such accounts and remove the suspension once they comply.
The circular stated: “following the expiration of the extended deadline of December 31, 2017 for your customers to enroll and/or submit their BVN details to your institutions, you are required to place all accounts without BVN on a ‘post no debit’ status.
However, credit lodgments inclusive of deposits and inward transfers, maybe received into such accounts. “
You are required to continue to enroll customers of such accounts and only remove the ‘post no debit’ restriction when a valid BVN has been obtained and submitted by the customer or the customer has been duly enrolled by your institution. Our earlier directive on the conspicuous display of notices sensitizing customers n BVN in the banking hall”.
Adesemoye reiterated the apex bank’s resolve to monitor compliance and impose sanctions on non-compliance.
“Please note that this directive takes effect immediately and the CBN will continue to monitor compliance. Non-compliance will be met with appropriate sanctions,” the circular signed by Adesemoye noted.
Before now, Mr. Nwoke Rogers, president, National Association of Microfinance Bank (NAMB), had said the association is not requesting from Central Bank of Nigeria (CBN) extension to its Biometric Verification Number (BVN) registration that ends December 31, 2017. The apex bank had extended the deadline from July 1 to December to allow more prospective MFBs customers to register on BVN.