NIN/BVN Linkage: Nigerians lament as CBN’s deadline expires

The Central Bank, through Nigerian banks, has recently sent out notifications urging customers to link their National Identification Number (NIN) and Bank Verification Number (BVN).

This development follows a circular issued by the Central Bank of Nigeria (CBN) in 2023, mandating existing customers to complete the full profiling of accounts established through agents within the Nigeria Inter-Bank Settlement System.

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.

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It added that beginning from 1 March 2024, any such accounts or wallets that are funded will carry the “Post no Debit or Credit” tag and be forbidden from all transactions.

The circular stipulated that all funded accounts or wallets must be placed on “Post No Debit or Credit” status, with no further transactions permitted until compliance is achieved.

However, the hashtag #NIN/BVN has been trending on X, with numerous customers expressing concerns about the emotional and physical turmoil involved in the rush to complete the linkage.

While some customers view this as a redundant process due to the documentation already required during the account opening, Nairametrics discovered that many may have linked their BVN but have not yet linked their NIN, as mandated by the new directive.

For tier 2 and 3 accounts and wallets, the CBN’s directive stipulates that they must be linked with both BVN and NIN, whereas tier 1 accounts have the option of linking with either BVN or NIN.

Bank sources indicate that some customers who linked their BVN have discrepancies in their details and will need to rectify these to prevent potential account blocks.

Despite the challenges, several bank customers are expressing frustration and calling on the CBN to reconsider introducing self-service features to enable customers to carry out this process without enduring long queues at the bank.