Top Stories

Banks Mandate Customers To Renew BVN, NIN Linkage, See Why

Advertisement
Advertisement

Banks have mandated customers to renew BVN and NIN Linkage.

 

NewsOnline Nigeria reports that Nigerian banks are currently pushing their customers to come and link their National Identification Number (NIN) and Bank Verification Number (BVN) as the March deadline fixed by the Central Bank of Nigeria (CBN) approaches.

 

While many of the customers who received messages from their banks have been complaining that the exercise is a repetition as they had linked all the details before now, NewsOnline Nigeria gathered that many may have linked their BVN but not the NIN as required by the new directive.

 

ALSO: US, UK, Canada, Other Countries Where Binance Is Banned, Restricted (FULL LIST)

 

For tier 2 and 3 accounts and wallets, the CBN’s directive said they must be linked with both BVN and NIN, while only tier 1 accounts have the option of BVN and/or NIN.

 

According to bank sources, some customers who had linked their BVN have also been discovered to have irregularities in their details and they would be required to perfect their records with the banks to avoid being blocked.

 

Why banks are sending messages

Some bank officials who spoke with NewsOnline Nigeria 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.

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.

Advertisement
NewsOnline Nigeria

Recent Posts

  • Top Stories

VDM Mobilizes Nigerians To Boycott Access Bank Over Alleged N500m Theft (VIDEO)

VDM has mobilized Nigerians to boycott Access Bank over alleged N500m theft of deceased money.…

14 hours ago
  • Brands & Marketing

Zenith Tech Fair 4.0 Ends On A High As Hackathon Winners Get N77.5m Cash Reward

A total sum of N77.5 million in prize money was won at the end of…

1 day ago
  • Brands & Marketing

Dubai Racing Club Announces Zoho as Exclusive Technology Partner

Dubai Racing Club has announced Zoho as an exclusive technology partner.   NewsOnline Nigeria reports…

1 day ago
  • Exchange Rates

BREAKING: CAC Deletes 80,000 Top Companies From Database (FULL LIST)

CAC has deleted 80,000 top companies from the database.   NewsOnline Nigeria reports that the…

1 day ago
  • 2027 Election

Bode George Warns Atiku Abubakar Against Contesting 2027 Presidency

Bode George has warned Atiku Abubakar against contesting the 2027 Presidency.   NewsOnline Nigeria reports…

1 day ago
  • Exchange Rates

Black Market Dollar (USD) To Naira (NGN) Exchange Rate Today, 22 November 2024

The black market dollar to Naira exchange rate on Friday 22 November 2024 can be…

1 day ago