The apex bank has issued a circular stating that all Tier 1 bank accounts and wallets for individuals must have Bank Verification Number or National Identification Number by March 2024.
The Central Bank of Nigeria (CBN) has issued a circular on December 1, 2023, stating that all Tier 1 bank accounts and wallets for individuals must have Bank Verification Number (BVN) and/or National Identification Number (NIN) by March 1, 2024. Tier 1 accounts are accounts that can be opened with a valid identity or proof of address. The maximum daily transaction limit for a Tier 1 account is N50,000 while the maximum account balance is N300,000.
The CBN said the circular was part of its effort to promote financial system stability and strengthen the Know Your Customer (KYC) procedures in financial institutions under its purview. The CBN also said that the process for account opening shall commence by electronically retrieving BVN or NIN related information from the Nigeria Inter-Bank Settlement System (NIBSS) or the National Identity Management Commission (NIMC) databases, and that no new Tier 1 accounts or wallets should be opened without BVN or NIN.
The circular further stated that for all existing Tier 1 accounts or wallets without BVN or NIN, any unfunded account or wallet shall be placed on “Post No Debit or Credit” status until the new process is satisfied, and that effective March 1, 2024, all funded accounts or wallets shall be placed on “Post No Debit or Credit” status and no further transactions permitted. The circular also required the electronic revalidation of BVN or NIN attached to and/or associated with all accounts or wallets by January 31, 2024.
Implications of the deadline for bank customers
The CBN’s circular has implications for over 70 million bank customers who are at risk of losing access to their accounts if they fail to link their NIN or BVN to their accounts by the deadline. According to the NIMC, as of February 2024, only 57 million Nigerians have enrolled for the NIN, while the NIBSS reported that as of November 2023, only 46 million bank accounts have been linked to the BVN.
This means that there are millions of bank customers who either do not have a NIN or a BVN, or have not linked them to their accounts. These customers face the possibility of having their accounts frozen and being unable to perform any transactions, such as withdrawals, transfers, payments, or deposits. This could have negative effects on their personal and business finances, as well as the overall economy.
How to link NIN or BVN to bank accounts
The CBN has urged bank customers to comply with the directive and link their NIN or BVN to their accounts as soon as possible, to avoid any penalties or inconveniences. The CBN has also provided various channels and platforms for customers to link their NIN or BVN to their accounts, such as online portals, mobile apps, USSD codes, and customer service lines.
To link NIN to bank accounts, customers can use the following USSD codes for different banks:
- Access Bank: 90111#
- Ecobank: 3269#
- Fidelity Bank: 77002#
- First Bank: 89402#
- GTBank: 73702#
- Polaris Bank: 83303#
- Stanbic IBTC: 90902#
- Sterling Bank: 82202#
- UBA: 91902#
- Union Bank: 82602#
- Wema Bank: 94502#
- Zenith Bank: 96602#
To link BVN to bank accounts, customers can visit the bank’s website or mobile app, or call the customer service line.
