The Central Bank of Nigeria (CBN) recently mandated deposit money banks (DMBs) to impose a “Post No Debit (PND)” on accounts lacking Bank Verification Numbers (BVN) or National Identity Numbers (NIN) from the upcoming year. Reports about the delisting of Opay, Palmpay, Moniepoint, Kuda, and others are deemed false. The misinformation arises from the fact that many digital or neo banks, such as Opay, Palmpay, and Kuda, allow users to open accounts using only their phone numbers, not requiring BVNs, unlike traditional banks. However, these users under Tier-1 accounts are limited to transactions below N50,000 per day.
The CBN statement reads in part:
“It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/ or NIN,” adding that, it remains mandatory for Tiers 2 & 3 accounts and wallets for individual accounts to have BVN and NIN.”
However, some online reports, not by Softmation, had alleged that the central bank intended to remove neo banks from the system, referencing the aforementioned CBN report. Tinubu’s aide clarified the report regarding the purported delisting of Opay, Palmpay, Kuda, and Moniepoint. Olusegun, on Thursday, advised the public to seek clarification on government policies to prevent the spread of misinformation.
His tweet reads:
“The misinformation making rounds about Opay, Moniepoint, Kuda and many other banks being delisted as fund transfer channels is another reason why individuals should seek understanding of policies before making comments.”
Here is the tweet below: