The Nigerian banks, acting on behalf of the Central Bank, have recently notified customers to link their Bank Verification Number (BVN) and National Identification Number (NIN).
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This is in line with a circular from the Central Bank of Nigeria (CBN) in 2023, which required existing customers to fully profile their accounts created through agents in the Nigeria Inter-Bank Settlement System.
The CBN declared on December 1, 2023, that all bank accounts without National Identification Number (NIN) and Bank Verification Number (BVN) will be subject to “Post no Debit” starting from April 2024.
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The new instruction was included in a circular from the central bank and distributed to all deposit money banks. The central bank also stated that all the NIN or BVN linked to and related to all accounts/wallets must be electronically verified by 31 January 2024.
“All Tier-1 bank accounts and wallets for individuals must have NIN and/or BVN.
NIN and BVN are still mandatory for Tiers 2 and 3 accounts and wallets for individual accounts,” the apex bank said.
It also said that from 1 March 2024, any such accounts or wallets that have funds will have the “Post no Debit or Credit” label and be banned from all transactions.
The circular specified that all funded accounts or wallets must be put on “Post No Debit or Credit” mode, with no more transactions allowed until compliance is attained.
However, the hashtag #NIN/BVN has been popular on X, with many customers expressing worries about the emotional and physical stress involved in the hurry to complete the linkage.
While some customers see this as an unnecessary process due to the documentation already needed during the account opening, Nairametrics found out that many may have linked their BVN but have not linked their NIN yet, as required by the new instruction.
For tier 2 and 3 accounts and wallets, the CBN’s instruction states that they must be linked with both NIN and BVN, while tier 1 accounts have the choice of linking with either NIN or BVN.
Bank sources reveal that some customers who linked their BVN have inconsistencies in their details and will have to correct these to avoid possible account blocks.
Despite the difficulties, several bank customers are expressing annoyance and asking the CBN to rethink introducing self-service options to enable customers to perform this process without enduring long lines at the bank.
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