CBN Bans Manual Account Opening Without Proper Identification
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The Central Bank of Nigeria (CBN) has banned manual individual account opening across the banking industry.
The apex bank, according to a circular signed by the Director, Payment System Management Department, CBN, Mr Chibuzo Efobi and Director Financial Policy and Regulations Department, CBN, Mr Haruna Mustapha, directed that enrolment of new customers by manually creating a customer profile and subsequently attaching a Bank Verification Numbers (BVN) or National Identity Numbers(NIN) “is hereby strictly
prohibited.”
According to the apex banking regulatory institution, where a BVN or NIN exists for a new customer, the regulated financial institution shall use same to electronically check the BVN database at Nigeria Interbank Settlement System
(NIBSS’) portal and NIN at NIMC portal; electronically retrieve and retain the underlying details (Names, DoB, Gender,
Phone No, etc) as the authentic customer’s details, and where authentication is successful, other procedures and customer information required to complete the onboarding
process can continue.
It noted that the mandate was part of the apex bank’s effort in promoting financial system stability which has led to it’s amendment of Section 1.5.3 of the Regulatory Framework for BVN Operations and WatchList for the Nigerian Banking Industry (Guidelines).
The CBN further noted that the process for account opening shall commence by electronically retrieving BVN or NIN related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for
individuals with validated BVN shall be profiled in the NIBSS Industry Customer Accounts Database (ICAD) immediately
and within 24hrs of opening accounts/wallets.
