Mobile money agents want the CBN deadline for NIN and BVN registration to be extended

Remember that as of April 2024, the CBN had mandated that any bank accounts lacking a BVN and NIN be restricted.The Central Bank of Nigeria (CBN) has been urged by financial industry stakeholders to extend the deadline for clients to link their National Identity Number (NIN) and Bank Verification Number (BVN) to their bank accounts, which is March 2024.The CBN's mandate to prevent consumers without a BVN and NIN from accessing their accounts as of April 1, 2024, would unnecessarily burden bank customers, according to Sarafadeen Fasasi, National President of the Association of Mobile Money and Bank Agents in Nigeria.He said, “We agree that all bank accounts must have the minimum KYC, however, our challenge is with the urgency with the implementation and that has always been our own challenge with the Central Bank of Nigeria. We think the issue of KYC shouldn’t be an issue that should generate so much controversy and it should be gradual. It should not be an emergency. “