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Banks are currently witnessing a surge in customers as the March 1 deadline for linking Nigeria National Identification Numbers (NIN) to Bank Verification Numbers (BVN) approaches. The Central Bank of Nigeria (CBN) issued a circular mandating customers to complete full profiling of accounts by their assigned agents within the Nigeria Inter-Bank Settlement System. The circular requires all funded accounts to be placed on “Post No Debit or Credit” status until compliance. Customers are also required to electronically revalidate their BVN or NIN associated with their accounts by January 31, 2024, in accordance with an amendment to the regulatory framework for BVN operations.
Unfunded accounts face immediate “Post no debit or credit” restrictions until linkage processes are completed. This has led to a notable increase in customer traffic at bank branches as individuals rush to link their BVNs and NINs to avoid restrictions. In Abuja, customers faced challenges like poor network connectivity, resulting in frustration and substantial queues at bank branches. For instance, a customer named Fred reported waiting since 8 am without successful linkage due to slow network and crowded queues.
This rush to comply with the deadline underscores the urgency for customers to link their NIN and BVN to avoid restrictions on account transactions. The enforcement aims to enhance the banking industry’s compliance and security measures by ensuring valid and accurate identification linked to customer accounts.
