For most neo banks, such as Opay, Palmpay, and Kuda, accounts are opened with just the phone numbers of users without the BVN, unlike the traditional banks. However, they cannot make transactions above N50,000 per day as Tier-1 users.
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 Legit.ng, had claimed that the apex bank planned to delist the neo banks, citing the above report of the CBN.
