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Simplified Guide: Linking Your NIN and BVN to Your Bank Account

March 2, 2024

 

 

 

 

 

The Central Bank of Nigeria (CBN) has issued a directive requiring all bank customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their respective bank accounts. This move comes as part of the CBN’s efforts to enhance security and streamline banking operations within the country.

In a circular dated December 1st, 2023, the apex bank instructed financial institutions to impose restrictions on all Tier 1 bank accounts lacking a BVN. This measure aims to ensure compliance with regulatory guidelines and safeguard against fraudulent activities in the banking sector.

Tier 1 accounts are accounts that can be opened with a valid identity or proof of address.

While some banks indicated February 29, 2024, as the deadline, some banks were silent about any deadline.

The National Identification Number (NIN) consists of 11 non-intelligible numbers randomly chosen and assigned to an individual after completing enrollment into the National Identity Database (NIDB).

Bank Verification Number (BVN) is a biometric technology with secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.

To link your BVN or NIN to your bank account, you can use one of the following methods:

Simply text BVN/NIN, your account number, and BVN/NIN number to the number/code provided by your service provider or bank.

Log in to the internet banking platform of your bank, select the BVN/NIN option, click on new request, enter your BVN/NIN, select the bank where your BVN/NIN was issued, answer the secret questions and follow the instructions.

Email Request

Send an email request to your account officer

Visit Your Bank

Visit your nearest bank branch

Bankground:

Recall the CBN had in a circular on December 1st 2023, directed that banks should place restrictions on all Tier 1 bank accounts without BVN.

Tier 1 accounts are accounts that can be opened with a valid identity or proof of address.

The maximum daily transaction limit for a Tier account is N50,000 while the maximum account balance is N300,000.
According to the circular, titled, ‘TIER-1 WALLETS AND ACCOUNTS: MANDATORY USE OF BANK VERIFICATION NUMBER (BVN) OR NATIONAL IDENTIFICATION NUMBER (NIN), the CBN said: “As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN).

“Accordingly, the CBN hereby issues an amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).

In this regard: It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN
“It remains mandatory for Tiers 2 & 3 accounts and wallets for Individual accounts to have BVN and NIN.

“The process for account opening shall commence by electronically retrieving BVN or NIN related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS’’ ICAD immediately and within 24hrs of opening accounts/wallets.

The requirement to link NIN and BVN to bank accounts underscores the CBN’s commitment to promoting transparency and accountability in the Nigerian banking system. Customers are urged to promptly adhere to this directive to avoid any disruptions to their banking services.

Failure to comply with the CBN’s directive may result in account restrictions or other regulatory actions. As such, bank customers are advised to take the necessary steps to link their NIN and BVN to their bank accounts in a timely manner.

 

Credit: Vanguard

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