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Culled from Vanguard

The Central Bank of
Nigeria, CBN, yesterday, imposed
fresh condition for owning a bank account saying that from
January 8, 2013, the National
Identity Number, NIN, would be
criteria for owning and
operating a bank account in the
To this effect, from September 1
this year,  CBN in conjunction
with the National Identity
Management Commission, NIMC,
and the Nigeria Interbank
Settlement System, NIBSS, would
commence  a three months
enrollment exercise for all
existing banks’ customers to
capture their biometrics and
issue  to them NIN as well as a
General Purpose Identity Card.
This was announced via a
circular to all deposit money
banks, microfinance banks and
primary mortgage institutions,
PMIs, on the use of the National
Identity Number, NIN, for the
Know Your Customer, KYC,
Chairman, House of
Representatives Committee on
Interior, Rep. Umar Bature (r)
being captured for the National
Identity Number (NIN) at the
National Identity Management
Commission Abuja recently. NAN
The circular was signed by Mr.
Dipo Fatokun, Director, Banking
and Payments System
The circular said: “As part of
CBN’s efforts to bolster the
banking industry and the entire
financial system, the Bank in the
recent past commenced steps to
overhaul the KYC processes in
banks, including the recently
concluded customer account
verification exercise.
In furtherance to this exercise,
the Bankers Committee at a
recent meeting resolved to
adopt the new National Identity
Number, NIN, which is expected
to be issued from September
2012 by the National Identity
Management Commission, NIMC,
in conjunction with its front-
ends partners as the new basis
for KYC for financial
transactions going forward.

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