CBN lifts ban of post no debit on 440 fintech accounts

The Central Bank of Nigeria (CBN) has instructed banks to remove the post-no-debit restriction placed on the bank accounts of 440 individuals and companies. A post-no-debit is a restriction placed on an account to stop the account holders from carrying out debit transactions, including ATMs and cheques, but the accounts can receive inflows. The CBN said this in a circular signed byA.M. Barau on behalf of the CBN director of banking supervision on Tuesday, July 26, 2023. The apex bank also instructed banks to notify the concerned customers of the development. Some of the companies on the restriction list include Bamboo Systems Technology Limited, Escale Oil & Gas Limited, Rise Vest Technologies Limited, Chaka Technologies Limited, abokiFX Limited, Nairabet International, Northwood Energy Services and Proport Marine Limited. 

The circular reads, “You are hereby directed to vacate the Post-No-Debit restriction placed on the accounts of the under-listed bank customers at our instance. You are also required to inform the concerned customers of the vacation accordingly.” It will be recalled that the affected accounts were frozen in 2012 after the federal high court in Abuja granted the CBN’s request to freeze accounts of some fintech companies for 180 days. The CBN claimed it was investigating ‘illegal foreign exchange transactions’ by the fintech companies.