Cash Shortage Hits Banks, Customers Rush for BVN/NIN Revalidation

Huge crowds besieged banking halls on Monday, as customers moved to link their Bank Verification Numbers and National Identity Numbers to their bank accounts.

This followed the new directive of the banking regulator to the banks on Friday, to bar customers who were yet to link their BVN and NIN from having access to their accounts.

CBN said in its new directive 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 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.

Post no debit is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or debits from their accounts.

Latest Data obtained from the Nigeria Inter-Bank Settlement System showed that over 75 million bank accounts could be restricted or outrightly blocked as only 59 million BVN was registered as of October 9, 2023.