Serious Panic As New CBN Policy Sets Deadline To Close Down Opay, Palmpay And Moniepoint Accounts

The new Central Bank of Nigeria (CBN) policy has caused serious panic as it announces date to close down all accounts that fail to comply. 

According to the policy, all bank accounts in Nigeria must be linked to a BVN and a corresponding NIN or be closed down completely.

Practically Opay, Palmpay, Moniepoint and other digital banks don’t require BVN and NIN from their customers when creating accounts and as such, are going to be hugely affected if this new policy is implemented.

CBN had initially allowed the opening of bank accounts without BVN as part of its efforts to deepen financial inclusion in the country. But, the new leadership of the apex bank says that has aided so much illegality in the sector and as such , the apex bank intends to wipe out all these accounts from April 2024 to check illicit financial transactions.

In the circular issued last Friday, the CBN said, “All the BVN or NIN attached to and/or associated with ALL accounts/wallets must be electronically revalidated by January 31, 2024.” Adding that, “It is mandatory for ALL bank accounts and wallets for individuals to have BVN and/or NIN”.

Many customers of these new digital banks have disclosed that if the policy is implemented, they might lose their accounts because they opened them with just a phone number.