Home » Headlines » Banks close 2 million accounts over BVN, NIN, others

Banks close 2 million accounts over BVN, NIN, others

By Elizabeth Adegbesan

Commercial banks in Nigeria closed 2.021 million bank accounts in the first quarter of 2024, Q1’24, to clean their books of questionable accounts and comply with regulatory orders on the linkage of bank accounts to the National Identity Number, NIN.

This is contained in a report by the Nigerian Interbank Settlement System, NIBSS, which also indicated that the number of inactive bank accounts grew month-on-month, MoM, by four million or 2.0 per cent to 19.7 million in March 2024 from 19.3 million in the previous month, February.

A bank account is classified inactive when it records zero transactions including deposits, withdrawals, transfers or point-of-sale transactions for six months.

However, details of the “Industry Bank Account Database”, a monthly data reported by banks, and compiled by the Nigerian Interbank Settlement System, NIBSS, also indicated that the number of active bank accounts grew by 6.62 million or 3.0 per cent to 219.64 million from 213.02 million in February.

Recall that in December 2023, the CBN issued a directive to all commercial banks in the country to restrict tier-1 accounts without proper Biometric Verification Number, BVN, and National Identity Number, NIN, that are not linked by Thursday, March 1st, 2024.

According to NIBSS data on BVN enrollment count, 61.6 million Nigerians have BVN as of April 2024.

-Vanguard

Related Posts

Website Pin Facebook Twitter Myspace Friendfeed Technorati del.icio.us Digg Google StumbleUpon Premium Responsive

Short URL: https://newnigerianpolitics.com/?p=68023

Posted by on May 3 2024. Filed under Headlines. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

Leave a Reply

Headlines

Browse National Politics

Featuring Top 5/1343 of National Politics

Subscribe

Read more

Browse Today’s Politics

Featuring Top 5/37 of Today's Politics

Browse NNP Columnists

Featuring Top 10/1558 of NNP Columnists

Browse Africa & World Politics

Featuring Top 5/2374 of Africa & World Politics

Subscribe

Read more

ADVERTISEMENT

Categories

FEATURED VIDEOS

Advertisements

ARCHIVES

May 2024
S M T W T F S
 1234
567891011
12131415161718
19202122232425
262728293031  

© 2024 New Nigerian Politics. All Rights Reserved. Log in - Designed by Gabfire Themes