Bank depositors across Nigeria are facing a crucial deadline as the Central Bank of Nigeria (CBN) enforces a directive that could see accounts without a Bank Verification Number (BVN) or National Identity Number (NIN) frozen.
This mandate, part of a broader initiative to enhance security and streamline banking operations, takes effect on Friday, March 1, 2024.
The directive, issued on December 2, 2023, applies to all commercial, merchant, non-interest, payment service banks, Other Financial Institutions (OFIs), and mobile money operators.
It specifically targets Tier-1 bank accounts and wallets, requiring them to be linked with either the depositor’s BVN, NIN, or both.
In line with the CBN’s guidelines, any funded accounts or wallets lacking these identification numbers by the set date will be subjected to a “Post No Debit or Credit” status, effectively blocking any further transactions.
The CBN has also stipulated that the BVN or NIN linked to all accounts or wallets must undergo electronic revalidation by January 31, 2024, as part of the verification process.
This move by the CBN and participating banks aims to bolster the security of banking operations in Nigeria, reduce the incidence of fraud, and ensure compliance with global banking standards.
Customers have been advised to take immediate action to link their BVN and NIN with their accounts to avoid disruptions in their banking activities.
The message from Ecobank on Wednesday, read, “Dear valued Customer please be informed that the Central Bank of Nigeria (CBN) through its circular dated December 1, 2023, has announced that all accounts without Bank Verification Number (BVN) and/or the National Identity Number (NIN) would not be able to carry out transactions from March 1, 2024.
“Consequently, you will be required to update your account information with your National Identification Number (NIN) and Bank Verification Number (BVN) if you have not done so already.
“Kindly click on the customer update link https://customerupdate.ecobank.com/ciu/login
“Input your account details, Tick the terms and conditions box, An OTP will be sent to your registered email address, Input OTP and submit, Click on Request, Select statutory ID or identification update and upload a copy of your NIN document. Tick the acceptance box and submit.”
In a similar message sent to its customers, GT Bank said, “Dear Valued Customer, we would like to inform you of the mandatory requirement to link your Bank Verification Number (BVN) and National Identity Number (NIN) to your personal GTBank Account.
“The process of linking your BVN and NIN to your Account is simple and can be completed using any of these channels: “Dial *737*20*BVN# from your registered mobile number to link your BVN or Visit our website www.gtbank.com self-service portal to link your BVN and NIN or Visit the nearest GTBank branch to link your BVN and NIN to your account.”
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