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).
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.
Vanguard reports that the reminder underscores the need for compliance with the CBN’s regulations aimed at enhancing the efficiency of the ICAD system.
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:
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:
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: TimesNow.com.ng
