NIBSS Gives Instructions To Access, UBA, Zenith, GTB, Other Banks on Customers’ Account …C0NTINUE READING HERE >>>
The NIBSS has instructed Financial institutions to submit all new and existing customer account detailsThe details of the customers are expected to be logged into the Industry Customer Account Database within 24 hoursThe directive follows the Central Bank of Nigeria’s move to enhance the Know Your Customer process
PAY ATTENTION: Follow our WhatsApp channel to never miss out on the news that matters to you!
Henzodaily.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
The Nigeria Inter-Bank Settlement System (NIBSS) has once again urged banks and other financial institutions to submit their customers’ account details to the Industry Customer Account Database (ICAD), as directed by the Central Bank of Nigeria (CBN).
Nigerian banks ask to submit customers’ account details
Photo credit: Benson Ibeabuchi
Source: Getty Images
In a statement, NIBSS emphasized the importance of adhering to the CBN’s directive, initially issued in a circular with reference number BKS/DIR/GEN/CIR/06/001.
Read also
After Dangote’s outbursts, NUPRC set to amend crude supply regulation, calls for input
Vanguard reports that the reminder underscores the need for compliance with the CBN’s regulations aimed at enhancing the efficiency of the ICAD system.
PAY ATTENTION: Share your outstanding story with our editors! Please reach us through [email protected]!
NIBSS message to banks on customer details
The statement outlines the requirements for financial institutions, stating that all Deposit Money Banks(DMDs), microfinance banks, and other regulated entities are mandated to submit account details to NIBSS within 24 hours of generating a new account number.
This process can be completed through the ICAD API service or the ICAD portal.
Key points highlighted in the statement include:
Tier-1 Accounts: All records for individual accounts must be submitted with the Bank Verification Number (BVN) and/or National Identification Number (NIN).Tier-2 and Tier-3 Accounts: These must also be submitted with BVN and NIN.For Accounts Lacking BVN or NIN: Institutions are advised to initiate BVN enrollment for the customer or guide them to a NIN enrolment centre.
Read also
“This transaction is crucial”: MTN buys bank, details of transaction emerge
NIBSS strictly prohibits the use of placeholder BVNs or NINs and warns against the use of fictitious data.
The NIBSS statement also highlighted the benefits of complying with the CBN’s directive:
Improves the Know Your Customer process and ensures data accuracy.Facilitates better compliance with regulatory requirements and enhances monitoring.Strengthens industry fraud detection and prevention measures.Global Standing Instruction (GSI) Service: Supports more effective loan recovery processes.
Banks write customers on NIN, BVN update
In a related development, Nigerian banks earlier notified their customers of the need to update their bank account information with their Bank Verification Number (BVN) and National Identification Number (NIN).
The banks said the move was in response to the CBN’s circular. In the circular, the CBN stated clearly that customers must link their bank accounts with their NIN and BVN.
Source: Henzodaily.ng
>