Posted by 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.
By January 31, 2024, it also mandated the electronic revalidation of the BVN or NIN linked to every account and wallet.
A genuine and accurate BVN and/or NIN must be attached to accounts, according to this change 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).
Unfunded wallets or accounts would therefore be instantly placed in a “Post no debit or credit” condition until all required connection procedures were successfully finished.
This phrase refers to limitations placed on particular accounts by banks that prevent users from making withdrawals, transfers, or debits from their accounts.
Customers are moving through banking halls more often as the deadline draws near, trying to connect their bank accounts to their BVNs and NINs.
A twiscoloaded correspondent visited many banks in Abuja and saw packed banking rooms where clients were trying to get out of possible account limits in the last 48 hours before the deadline.
Some clients voiced their displeasure with the difficulties encountered throughout the linking process, pointing out the banks’ inadequate network connectivity.
They haven’t been able to connect my NIN to my BVN since I arrived here at 8 a.m. One consumer, who went by Fred, bemoaned, “The network is slow and there are a lot of people in the queue for the same reason.”
Reports from many commercial bank branches in Abuja City Center showed long lines of patrons waiting to finish the NIN-BVN linkage process for their bank accounts.