Bank Customers Rush to Link NIN-BVN as Deadline Looms
As the deadline for the linkage of Nigeria National Identification Numbers (NIN) to Bank Verification Numbers (BVN) approaches on March 1, banks across the country are witnessing a surge in customer traffic. This rush follows a circular issued by the Central Bank of Nigeria (CBN) in 2023, which mandated existing customers to complete the full profiling of accounts established through agents within the Nigeria Inter-Bank Settlement System.
The circular specified 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. It also required the electronic revalidation of BVN or NIN associated with all accounts and wallets by January 31, 2024.
This amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch List for the Nigerian Banking Industry mandated accounts to be tagged with valid and correct BVN and/or NIN. Unfunded accounts or wallets would be immediately subjected to a “Post no debit or credit” status until the necessary linkage processes were successfully completed. This term indicates restrictions imposed by banks on specific accounts, disallowing customers from making withdrawals, transfers, or debits from their accounts.
With the deadline fast approaching, banking halls are witnessing a significant increase in customer traffic as individuals strive to link their BVNs and NINs to their bank accounts. Visits by reporters to various banks in Abuja revealed crowded banking halls, with customers eager to avoid potential restrictions on their accounts in the final 48 hours before the deadline. Some customers expressed frustration at the challenges faced during the linkage process, citing poor network connectivity within the banks.
“I have been here since 8 am, and they have not been able to link my NIN to my BVN. The network is slow, and there are numerous people in the queue for the same reason,” one customer, who simply gave his name as Fred lamented.
Observations at branches of several commercial banks in Abuja City Centre depicted substantial queues, with customers lining up to complete the necessary NIN-BVN linkage for their bank accounts.
