“No More April”: Opay, Others Set Final Date to Block Accounts without NIN as CBN Deadline Nears
- Opay, a financial technology company, has issued a new date to block accounts not updated with NIN
- The company said it would block accounts without NIN effective March 1, 2024
- The move was informed by a recent KYC directive by the Central Bank of Nigeria
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A digital payment company, Opay, has said any account not linked with the National Identification Number (NIN) would be blocked by March 1, 2024.
The company’s director of Partnerships, Ikponmwosa Odiase, revealed this during a media parley in Lagos on Wednesday, January 24, 2024.
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All tier-1 accounts without NINs blocked
Odiase said all its tier-1 account owners have been barred from transactions on Opay’s platform and mobile app until they provide their NIN.
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The directive aligns with the new order from the Central Bank of Nigeria (CBN) to boost KYC practices in the financial system.
According to Odiase, in addition to the ongoing updates, the company has now made it mandatory for new and existing customers to provide their NIN.
He said:
“Everyone with a tier one account must link with NIN before their transaction can continue. You cannot move forward without doing it.
The second thing is for new customers; you will start with NIN, and we are implementing that now. We are pulling information from your NIN into your wallet. We save you the trouble of typing your name. We have a timeline of March 1, wherein anybody not compliant will be locked out,”
“Any fraudulent account will be yanked off our platform. There must be a correlation between your face and the picture in your NIN."
He said the new KYC requirements would help Nigeria address fraud, which has challenged the financial system, stating that Fintech, banks, CBN, and other stakeholders are collaborating to minimize fraud.
CBN to freeze bank accounts without NIN by April 2024
In a December circular, Legit.ng reported that Apex Bank announced that all bank accounts with BVN and NIN will be frozen starting April 2024.
CBN said:
“For all existing Tier 1 accounts/wallets without BVN or NIN: 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, all funded accounts or wallets shall be placed on ‘Post No Debit or Credit,’ and no further transactions will be permitted.
The BVN or NIN attached to and associated with all accounts/wallets must be electronically revalidated by January 31, 2024”, the circular read.
Nigerians react as CBN introduces changes to savings, current accounts
Legit.ng reported that Nigerians on social media have expressed mixed feelings about the directives by the Central Bank of Nigeria (CBN) mandating bank account holders to link their accounts to Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) for all bank transactions beginning March next year.
The apex bank, in a circular signed by its director of the Payment System Management department, Chibuzo Efomi, and the director of the Financial Policy and Regulation department, outlined the implementation of the new policy.
The CBN directed banks, effective immediately, to demand BVN or NIN for the creation of tier 1 accounts or wallets.
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Source: Legit.ng
