FG Asks Bank Account Holders To Re-register Despite BVN

FG Asks Bank Account Holders To Re-register Despite BVN: The federal government says every person that owns an account with financial institutions has to undergo a self-certification process.

The directive was announced on Thursday via the federal government’s Twitter handle. Account-holders are required to obtain, complete and submit the self-certification forms to their respective financial institutions.

FG Asks Bank Account Holders To Re-register Despite BVN.

The federal government said individuals who hold accounts in different financial institutions would have to collect and submit separate forms to each one of the institutions.

Mediangr.com.ng quotes from the information gotten from the @NigeriaGov Twitter handle; ”

Loading...

INFORMATION:

This is to notify the general public that all account holders in Financial Institutions (Banks, Insurance Companies, etc) are required to obtain, complete and submit Self – Certification Forms to their respective Financial Institutions.

Three categories of forms for entities, individuals and controlling person (individuals having a controlling interest in a legal person, trustee, etc) are said to be available

“The forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019,” it said.

“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”

It is not yet clear how the self-certification process differs from the bank verification number (BVN) and national identification number (NIN).

The BVN is a prerequisite to owning a bank account and it is used to link all bank and pension accounts owned by an individual.

The NIN is also another form of identification introduced by the federal government and is a prerequisite for getting an international passport.

The National Identity Management Commission (NIMC) currently harmonising the NIN and BVN and has set a five-year target to register all Nigerians after a $430 million World Bank loan for the Nigeria digital identification for development project.

Recommended posts:

In May, Aliyu Aziz, the NIMC director-general, said 14 million BVN had been harmonised with NIN.

In September, the Federal Inland Revenue Service (FIRS) launched an automatic exchange of information-common reporting standard (AEOI-CRS) system for the use of financial institutions which it described as a step towards “aligning the country’s tax system with global standards”.

The federal government has also not announced what provisions would be made for citizens in the diaspora given that they partook in the NIN, BVN enrollment.

Nigerians on social media have begun to react to the announcement with some requesting for an electronic certification option considering the COVID-19 pandemic.

Nigerians Reacts as FG Asks Bank Account Holders To Register Again Despite BVN.

 

 

What is your take on this decision by the Federal Government of Nigeria; asking citizens (Bank Account Holders) to re-register via their respective banks? Let’s hear from you. CLICK HERE TO LEAVE A COMMENT.


Loading...

Join the Conversation

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Articles

IMT Enugu Matriculation Ceremony Date 2019/2020

IMT Enugu Matriculation Ceremony Date 2019/2020: Institute of Management and Technology, IMT matriculation ceremony date, time and venue for the 2019/2020 academic session newly...

Ondo Governor Orders Closure of Schools Over #ENDSARS Protest

Ondo Governor Orders Closure of Schools Over #ENDSARS Protest: The Ondo State Government has directed all primary and secondary schools across the state to...

FCE Eha-Amufu Resumption Date 2019/2020

FCE Eha-Amufu Resumption Date 2019/2020: The resumption date for the continuation of academic activities for the 2019/2020 academic session at the Federal College of...

Ekiti Orders Closure of Schools Over #ENDSARS Protest

Ekiti Orders Closure of Schools Over #ENDSARS Protest: The Ekiti State Government has directed all primary and secondary schools across the state to be...

YABATECH Matriculation Ceremony Date & Schedule 2019/2020

YABATECH Matriculation Ceremony Date & Schedule 2019/2020: The schedule for the Yaba College of Technology (YABATECH) 2019/2020 academic session matriculation ceremony has been announced....

AAU Ekpoma Admission List 2020/2021 Session

AAU Ekpoma Admission List 2020/2021 Session: AAU admission list is out – The management of the Ambrose Alli University (AAU), Ekpoma, Edo State, has...

Get in Touch

496FansLike
174FollowersFollow
393FollowersFollow
167FollowersFollow

Latest Posts

IMT Enugu Matriculation Ceremony Date 2019/2020

IMT Enugu Matriculation Ceremony Date 2019/2020: Institute of Management and Technology, IMT matriculation ceremony date, time and venue for the 2019/2020 academic session newly...

Ondo Governor Orders Closure of Schools Over #ENDSARS Protest

Ondo Governor Orders Closure of Schools Over #ENDSARS Protest: The Ondo State Government has directed all primary and secondary schools across the state to...

FCE Eha-Amufu Resumption Date 2019/2020

FCE Eha-Amufu Resumption Date 2019/2020: The resumption date for the continuation of academic activities for the 2019/2020 academic session at the Federal College of...

Ekiti Orders Closure of Schools Over #ENDSARS Protest

Ekiti Orders Closure of Schools Over #ENDSARS Protest: The Ekiti State Government has directed all primary and secondary schools across the state to be...

YABATECH Matriculation Ceremony Date & Schedule 2019/2020

YABATECH Matriculation Ceremony Date & Schedule 2019/2020: The schedule for the Yaba College of Technology (YABATECH) 2019/2020 academic session matriculation ceremony has been announced....

What's Trending

NDA Application Form 2020/2021 – 72nd Regular Course Admission

NDA Application Form 2020/2021 - 72nd Regular Course Admission : Applications are invited from suitably qualified candidates for admission into the Nigerian Defence Academy...

Npower Registration Portal 2020 – https://npower.fmhds.gov.ng/signup

Npower Registration Portal 2020 – https://npower.fmhds.gov.ng/signup: The 2020 N-Power application portal (https://npower.fmhds.gov.ng/signup) opened for registration at 11.45 pm on June 26th, 2020, to all...

Civil Defence Shortlisted Candidates 2019/2020 Download PDF

Civil Defence Shortlisted Candidates 2019/2020 Download PDF : NSCDC Shortlisted Candidates 2019: Nigeria Security and Civil Defence Corps Recruitment shortlisted candidates is Out you...

npower.fmhds.gov.ng Signup- Npower Batch C Registration Portal [LOGIN]

npower.fmhds.gov.ng Signup- Npower Batch C Registration Portal : NPower Recruitment 2020 has began. See requirements, academic qualifications, Npower recruitment application registration form procedures via...

JAMB Result 2020 is Out : Check Your UTME Results www.jamb.org.ng

JAMB Result 2020 is Out : Check Your UTME Results www.jamb.org.ng : JAMB Results 2020 Online Checking Steps | www.jamb.org.ng – First of all,...

Download Nigeria Civil Defence List of Shortlisted Candidates 2019

Download Nigeria Civil Defence List of Shortlisted Candidates 2019 : NSCDC Shortlisted Candidates 2019. Download the Nigeria Civil Defence (NSCDC) Recruitment List of Shortlisted...

Npower Batch C Login Portal – www.npower.gov.ng | NPVN Dashboard

Npower Batch C Login Portal - www.npower.gov.ng | NPVN Dashboard: Here is N-power Portal Login npvn.npower.gov.ng/login 2020/2021 for Batch C Recruitment exercise. Login to...

Subscribe For Latest Updates

Signup for our newsletter and get notified when we publish new articles for free!




Enable Notifications    Ok No thanks