E-Financial
Uproar, Chaos as Banks Block Accounts Due to BVN
At least five million bank accounts were deactivated by Deposit Money Banks operating in the country on Saturday night following the October 31, 2015 deadline set by the Central Bank of Nigeria (CBN) for bank customers to register and obtain their Bank Verification Numbers, according to Punch Newspapers.
Elsewhere, the Vanguard Newspapers reported that millions of others customers were denied access to their bank accounts due to failure of banks to link their accounts to their Biometric Verification Number (BVN).
The affected customers were, among other things, barred from withdrawing cash and transferring funds through Automated Teller Machines, Internet banking platforms and over-the-counter in the banking halls.
According to Punch, the development created chaos in the banking halls across the country on Monday as angry customers besieged several branches to get their suspended accounts reactivated.
Long queues were seen in various banking halls when one our correspondents visited some branches in Lagos.
Similar situations were recorded in Abuja, Port Harcourt and other major cities across the country.
Findings showed that a significant number of the five million customers whose accounts were suspended had obtained their BVNs but failed to link it with their account numbers.
Branches of First Bank of Nigeria Limited, Guaranty Trust Bank Plc and Access Bank Plc visited in Surulere, Yaba, Isolo and Oshodi in Lagos all had long queues of customers filling forms to verify their BVNs.
Majority of the customers expressed anger as they filled the verification forms given to them by bank officials.
Punch said that , some of the customers, who had obtained the BVNs but failed to link them up with the account numbers, had their accounts reactivated immediately.
But Vanguard reported that somebank customers that had obtained the BVN from one bank, and had submitted it to other banks where they also have accounts, discovered that their accounts in the other banks had been blocked.
According to Mr. Stanley Chima, “I had done my BVN through Access Bank, and submitted it to UBA last week. This morning I discovered the UBA account has been blocked, because it was yet to be linked to my BVN.”
He was one of the many customers that besieged banks’ branches across the country with similar problems.
A bank staff who spoke to Vanguard on condition of anonymity however blamed bank customers for the problem. She said that many customers did not submit their BVN for linkage to other accounts until last week, and the result was piles of BVN linkage request that could not be concluded as at the October 31st deadline.
CBN in a statement said that with the expiration of the October 31 enrolment deadline, the CBN has directed that bank accounts of Nigeria residents without the BVN would henceforth be operated as ‘No customer initiated debit accounts until the account holders obtain and attach the BVNs to the accounts.
Mr. Ibrahim Mu’azu, director, Corporate Communications, CBN, explained that the extension was to enable customers in the Diaspora to complete the enrolment as well as link the BVN to their respective accounts.
“However, ‘No customer initiated debit accounts until the account holders obtain and attach the BVNs to the accounts.
“This means that a customer may not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account.”
The statement clarified that accounts of Nigeria residents without the BVN would continue to receive cash and electronic credit inflows, and would neither be deactivated nor confiscated.
Nigeria’s digital payment industry has reached a major milestone with the first live transaction completed on the National Payment Stack (NPS), a new digital infrastructure designed to unify and modernise the country’s payment systems.
This was disclosed in a statement by the Nigeria Inter-Bank Settlement System (NIBSS).
The milestone transaction, executed between PalmPay and Wema Bank at exactly 11:56 a.m. on Friday, November 7, 2025, marks the official commencement of live operations on the NPS, which is a next-generation payment infrastructure designed to unify, secure, and modernise digital transactions across all financial institutions.
According to NIBSS, the transaction was completed in milliseconds with instant settlement, demonstrating the platform’s robustness, scalability, and transformative capacity.
Described as a new engine powering Nigeria’s payment innovation, the National Payment Stack is built on the ISO 20022 international standard for financial messaging, which enhances interoperability, data richness, and regulatory compliance.
It is expected to replace the current NIBSS Instant Payment (NIP) platform, delivering superior speed, security, and inclusivity.
Highlighting the significance of the achievement, Mr Premier Oiwoh, managing director/chief executive officer of NIBSS, said the development represented “a key milestone in our collective journey to simplify payments, foster inclusion, and position Nigeria at the forefront of digital transformation across Africa.”
The NPS, he explained, was developed as a next-generation infrastructure anchored on five critical pillars: speed, interoperability, security, cross-border capability, and innovation.
Under the new system, payments can be processed instantly and reliably across banks, fintechs, and other licensed financial institutions, with multi-layer authentication and digital signatures ensuring the highest standards of data protection.
NIBSS noted that the NPS is central to the Central Bank of Nigeria’s directive mandating the adoption of ISO 20022 for all electronic financial transactions, a move aimed at aligning Nigeria’s payment systems with global standards.
It also extended recognition to PalmPay and Wema Bank for pioneering the first transaction on the new platform, describing them as “trailblazers” in the implementation of the system.
“As integration continues across the ecosystem, we encourage all banks, fintechs, and other payment service providers to complete their onboarding to the NPS to deliver faster, safer, and more inclusive digital payment experiences for Nigerians.” NIBSS said.
E-Financial
Standard Chartered to Close Accounts Below N7.5m AUM, Shuts Branches Ahead of 2026 Restructuring
Standard Chartered Bank has announced that it will discontinue banking relationships with customers who do not meet its minimum Assets Under Management (AUM) threshold of N7.5 million, effective February 28, 2026.
In a notice titled “Important notice: Branch network and segment update,” the bank said accounts falling below the required balance would be closed as part of its transition to a new Emerging Affluent Segment.
The bank stated that it is phasing out its personal banking segment and restructuring its services to align with evolving customer expectations and digital transformation goals.
“Effective January 15, 2026, some branches will be closed to optimise service delivery and resource utilisation,” the notice read.
Standard Chartered said the move builds on its digitisation efforts, which began several years ago, and aims to streamline operations, products, and service channels.
Despite the changes, the bank assured customers of its financial strength, noting compliance with the Central Bank of Nigeria’s (CBN) minimum capital requirement of N200 billion for national commercial banks.
It added that its online and mobile platforms remain fully operational, enabling customers to manage accounts and conduct transactions remotely.
Branches in Lagos, Abuja, and Rivers State will remain open to serve clients under the new structure.
Nigeria CommunicationsWeek reports that the bank’s restructuring comes amid broader industry shifts toward digital banking and targeted customer segmentation.
Nigeria Deposit Insurance Corporation (NDIC), has said its laws are now stronger and more effective to carry out its bank liquidation mandate.
This is contained in a statement issued by Hawwau Gambo, head, Communication and Public Affairs Department, NDIC, in Abuja on Sunday.
Gambia quoted Mr Thompson Sunday, the Corporation’s Managing Director as saying that NDIC’s powers in liquidation of failed insured institutions had been enhanced with the enactment of the NDIC Act No. 30 of 2023.
Sunday said that the Banks and Other Financial Institutions Act (BOFIA) 2020, also empowered the Corporation.
He said the NDIC was now better positioned to prosecute parties at fault in bank failures, unlike in the past when insufficient legal provisions allowed such individuals to evade accountability.
Sunday commended the National Assembly for addressing the long-standing challenge of a weak legal framework which had constrained the Corporation’s operations.
He also commended the judiciary for its growing expertise in deposit insurance law and practice, as demonstrated by the effective adjudication of failed bank cases through judgments that had brought relief to depositors.
”With stronger legal backing, individuals now approach the Corporation to settle out of court, not necessarily because the law has caught up with them, but because they can see that the noose is tightening around those responsible for bank failures.
”The Corporation’s ability to realise sufficient assets to declare a first round of liquidation dividends to the uninsured depositors of defunct Heritage bank Limited within one year of the revocation of its licence is due to the positive impact of the new legal framework,” Sunday said.
He reiterated that the NDIC would continue to leverage the strengthened laws while collaborating with stakeholders to enhance the effective discharge of its mandate.
Huawei Cloud Named Carrier Hybrid Cloud Leader in Sub-Saharan Africa
Firm Warns of Blackmail from Alleged “Hackers”, “Law Enforcement” and “Hitmen”
FG Launches Galaxy Backbone’s 1Gov ECM Platform, Marks Major Milestone in Nigeria’s Digital Transformation Journey
ALTON Seeks Clear Rules to Strengthen Nigeria’s Digital Economy
Nigeria Records First Successful Transaction on National Payment Stack
News1 day agoPreventive, Silicon Valley Firm May Birth Genetically Engineered Babies
E-Business1 day agoNigeria to Unveil Single-Entry Emergency Passport for Citizens Abroad
E-Financial1 day agoFG Seeks Fresh $500m World Bank Loan for MSMEs
General News1 day agoCOVID-19 Vaccines may Help some Cancer Patients Fight Tumors
Telecom1 day agoGlo Announces N1m Monthly Giveaway in New Trivia Game
E-Business1 day agoNITDA Highlights Economic Impact, Digital Transformation Gains, as ICEGOV 2025 Concludes in Abuja
E-Financial1 day agoUBA Reaffirms Commitment to Empowering African Entrepreneurs
E-Financial1 day agoNDIC Now Better Positioned to Prosecute Parties at Fault for Bank Failure