Nigeria In One Minute
Banks: No directive yet to freeze accounts without BVN
Contrary to speculation in some quarters, the expiration, yesterday, of the deadline set by the Federal High Court, Abuja, for Deposit Money Banks (DMBs) in the country to submit details of accounts without Bank Verification Number (BVN) to the Central Bank of Nigeria (CBN), did not lead to lenders freezing such accounts, findings by Saturday Telegraph reveal.
Saturday Telegraph’s correspondents, who visited several bank branches in Lagos yesterday, reported that there was no last minute rush by customers to do their BVN registration. Customer Service representatives at First Bank, Acme road, Ogba branch said they did not experience any rush by customers scrambling to beat the deadline.
They disclosed that they were yet to receive a directive from the CBN to freeze accounts without BVN. Similarly, at Union Bank, Somolu branch, Customer Service officials said only a few customers came to do their BVN registration yesterday.
They also stated that there were no directives to close accounts without BVN yet, adding that BVN registration will still be ongoing while accounts without BVN are still active even if the owners of such accounts are not allowed to make withdrawals.
New Telegraph, November 4, 2017
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