As the deadline of March 1st for linking Nigerian National Identity Numbers (NIN) to Bank Verification Numbers (BVN) draws near, banks are now seeing an increase in the number of customers.
This move comes in response to a 2023 directive from the Central Bank of Nigeria (CBN) requiring current users to finish fully profiling accounts opened through agents in the Nigeria Inter-Bank Settlement System.
According to the circular, all funded wallets or accounts had to be set to “Post No Debit or Credit” mode, meaning that no more transactions could be made until compliance was obtained.
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 (The Guidelines) mandated accounts to be tagged with valid and correct BVN and/or NIN.
Consequently, 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.
As the deadline approaches, there has been a notable increase in customer traffic within banking halls as individuals endeavor to link their BVNs and NINs to their bank accounts.
Visits by a our corespondant to various banks in Abuja revealed crowded banking halls as customers sought 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.
