The Central Bank of Nigeria (CBN) has implemented a ban on manual individual account opening throughout the banking industry.

The directive states that the process of enrolling new customers through manually creating a customer profile and subsequently linking a Bank Verification Number (BVN) or National Identity Number (NIN) is strictly prohibited.

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The CBN has instructed that in cases where a BVN or NIN already exists for a new customer, financial institutions must electronically check the BVN database at the Nigeria Interbank Settlement System (NIBSS) portal and the NIN at the National Identity Management Commission (NIMC) portal. The authenticated details such as names, date of birth, gender, phone number, etc., retrieved from the electronic check will serve as the authentic customer’s details. If the authentication is successful, the onboarding process can continue, including other necessary procedures and customer information.

This directive is part of the CBN’s efforts to promote financial system stability, leading to the amendment of Section 1.5.3 of the Regulatory Framework for BVN Operations and Watch-List for the Nigerian Banking Industry (Guidelines).

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The CBN emphasizes that the account opening process must start by electronically retrieving BVN or NIN information from the NIBSS BVN or NIMC NIN databases. All existing customer accounts/wallets for individuals with validated BVN must be profiled in the NIBSS Industry Customer Accounts Database (ICAD) immediately and within 24 hours of opening accounts/wallets.

The circular also states that if any of the BVN or NIN details are inconsistent with the information provided by the potential customer, the onboarding process must cease immediately. The potential customer can follow established protocols to update the BVN or NIN details.