- Nigerian banks are keen on ensuring that all their esteemed customers comply with the regulatory mandate to link their BVN and NIN to their accounts
- The initiative is to enhance the security of banking operations and ensure compliance with national regulatory requirements
- The step-by-step process will help customers in minimising the risk of identity theft, fraudulent transactions, and unauthorised access to your bank account
Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.
The Central Bank of Nigeria has instructed all bank customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their bank account(s).
Recall that in a circular on December 1, 2023, the CBN had directed that banks should place restrictions on all Tier 1 bank accounts without BVN.
What is Tier 1 accounts?
Tier 1 accounts are those that can be opened with a valid identity or proof of address.
While some banks indicated February 29, 2024, as the deadline, others were silent about any deadline.
The 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 is a biometric technology with a secure unique identifier to analyse human characteristics as an enhanced form of authentication for real-time security processes.
Banks ask customers to obey
Nigerian banks have notified their customers of the need to update their bank account information with their BVN and NIN before Friday, March 1, 2024.
The banks warned that customers who fail to provide the required information risk being unable to carry out transactions.
How to link NIN/BVN to bank account
To link your BVN or NIN to your bank account, you can use one of the following methods:
Via SMS
Simply text BVN/NIN, your account number, and BVN/NIN number to the number/code provided by your service provider or bank.
Via internet banking
Log in to your bank’s internet banking platform.
Select the BVN/NIN option.
Click on new request and enter your BVN/NIN. Select the bank where your BVN/NIN was issued, answer the secret questions and follow the instructions.
Via email request
Send an email request to your account officer.
Visit your bank
Visit your nearest bank branch for more information on the update.
NCC gives directive on SIM-NIN linkage
Legit.ng reported earlier that the Nigerian Communications Commission (NCC) stressed its directive to telecom operators to block telephone subscribers not linked to their NIN on or before Wednesday, February 28, 2024.
The executive vice chairman of NCC, Aminu Maida, stated this while speaking at the NCC’s ‘special day’ at the 45th Kaduna International Trade Fair on Wednesday, February 28.
Maida, who was represented by Reuben Mouka, NCC’s director of public affairs, noted that as a matter of critical national security, telecom consumers must link their NIN to their SIM.
He reaffirmed the February 28 deadline given to telecom operators to bar subscribers who failed to link their NIN to SIM stands.
Source: Legit.ng