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Basedonnews on the directives given by the Central Bank of Nigeria (CBN) urge Nigerians to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their bank accounts in order to avoid having their accounts blocked. In this post, you will find what NIN and BVN means and the steps to link them to your bank account.
In a circular on December 1, 2023, Apex Bank directed that banks should place “Post no Debit” restrictions on all Tier 1 bank accounts without BVN.
“Post No Debit” is a term used to describe a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or any other debits from their accounts.
Tier 1 accounts are accounts that can be opened with a valid identity or proof of address.
CBN also stated that all the BVN or NIN attached to or associated with AL accounts/wallets must be electronically revalidated by January 31, 2024.
The bank said the directive was part of efforts to promote financial system stability and strengthen the Know Your Customer procedures in all financial institutions.
It was gathered that while some banks indicated February 29, 2024, as the deadline, some banks were silent about any deadline.
The NIN is the National Identification Number which has 11 non-intelligible numbers randomly chosen and assigned to an individual after enrollment into the National Identity Database (NIDB).
The BVN is the Bank Verification Number is a biometric technology with a secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.
To link your BVN or NIN to your bank account, you can use one of the following methods below:
Simply text BVN/NIN, your account number, and BVN/NIN number to the number/code provided by your service provider or bank.
Log in to the Internet banking platform of your bank
Select the BVN/NIN, click on new request, enter your BVN/NIN
Select the bank where your BVN/NIN was issued, answer the secret questions, and follow the instructions.
Send an email request to your account officer.
Visit the nearest bank branch to you.
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