2023-12-01 | PSM/DIR/PUB/CIR/001/053

Circular on Tier 1 Wallets and Accounts, Guidance Note and Profiling of All Customer Accounts/Wallets

The Central Bank of Nigeria (CBN) is strengthening Know Your Customer (KYC) procedures for financial institutions under its purview. The amendment to the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry mandates the use of BVN and/or National Identification Number (NIN) for Tier-1 wallets and accounts. All existing and new customers must have their BVNs or NINs electronically validated, and financial institutions must comply with restrictions on Tier-1 accounts/wallets regarding transaction values and cumulative balances.

Nigeria

Central Bank of Nigeria

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