As the March deadline set by the Central Bank of Nigeria (CBN) looms closer, Nigerian banks are urging their customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) without delay.

Despite receiving messages from their banks, some customers are voicing frustration, citing previous linkages. However, investigations by Nairametrics reveal that many may have linked their BVN but overlooked the NIN requirement.

The CBN directive specifies that tier 2 and 3 accounts and wallets must be linked with both BVN and NIN, while tier 1 accounts offer the flexibility of BVN and/or NIN linkage.

Bank sources indicate that some customers with linked BVNs are facing discrepancies in their records and must rectify these with their banks promptly to prevent potential account blocks.

Why banks are sending messages

Some bank officials who spoke with Nairametrics under the condition of anonymity said they were only sending messages to tier 2 and 3 customers, who have not linked the two numbers to their accounts.

• “This is a directive from the Central Bank, and we have to ensure that our customers are well informed and that is why we are sending messages to those that have not fulfilled these requirements.
• “In most cases, you have customers with tier 2 and tier 3 accounts, who have only linked their BVN and not NIN. But the directive is that they must be linked and that is why those who have linked their BVN will still get the same message for BVN and NIN. But what they will need to do is to just link their NIN,” one of the sources said.
• “In some cases, you found out that the information in the BVN submitted by the customers and that of their NIN do not tally. This set of customers will need to redo the exercise to regularize their details,” another official added.

Customers lament

Meanwhile, bank customers in Nigeria have been lamenting as they receive messages from their banks asking them to link their NIN and BVN. Many of the customers said this exercise has been done and wondered why the banks are asking them to repeat the same.

To worsen the case, the customers are required to visit their nearest bank branch to do the linkage. Many of the customers who believed they had done the linking in the past expressed worry that they would have to go through the rigors of queueing at the bank again.

The CBN’s directive

The CBN on December 1, 2023, announced that all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will be placed on “Post no Debit” effective April 2024.

The new directive was contained in a circular issued by the central bank and sent to all deposit money banks. The central bank also stated that all the BVN or NIN attached to and associated with all accounts/wallets must be electronically revalidated by 31 January 2024.

• “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 and 3 accounts and wallets for individual accounts to have BVN and NIN,” the apex bank stated.

Starting March 1, 2024, all accounts or wallets that receive funding but haven’t undergone necessary verifications will be labeled with a “Post no Debit or Credit” tag. This means they will be restricted from conducting any transactions. Stay informed to avoid disruptions to your banking activities.

Credit: Nairametrics