Connect with us

Business

Why banks are asking customers to renew BVN and NIN linkage

Published

on

Untitled design 20

Nigerian banks are currently pushing their customers to come and link their National Identification Number (NIN) and Bank Verification Number (BVN) as the March deadline fixed by the Central Bank of Nigeria (CBN) approaches.

While many of the customers who received messages from their banks have been complaining that the exercise is a repetition as they had linked all the details before now, ThePressNG gathered that many may have linked their BVN but not the NIN as required by the new directive.

For tier 2 and 3 accounts and wallets, the CBN’s directive said they must be linked with both BVN and NIN, while only tier 1 accounts have the option of BVN and/or NIN.

According to bank sources, some customers who had linked their BVN have also been discovered to have irregularities in their details and they would be required to perfect their records with the banks to avoid being blocked.

Some bank officials who spoke with ThePressNG under the condition of anonymity said they were only sending messages to tier 2 and 3 customers, who have not linked the two numbers to their accounts.

Meanwhile, bank customers in Nigeria have been lamenting as they receive messages from their banks asking them to link their NIN and BVN. Many of the customers said this exercise has been done and wondered why the banks are asking them to repeat the same.

To worsen the case, the customers are required to visit their nearest bank branch to do the linkage. Many of the customers who believed they had done the linking in the past expressed worry that they would have to go through the rigors of queueing at the bank again.

The CBN on December 1, 2023, announced that all bank accounts without Bank Verification Number (BVN) and National Identification Number (NIN) will be placed on “Post no Debit” effective April 2024.

The new directive was contained in a circular issued by the central bank and sent to all deposit money banks. The central bank also stated that all the BVN or NIN attached to and associated with all accounts/wallets must be electronically revalidated by 31 January 2024.

It added that beginning from 1 March 2024, any such accounts or wallets that are funded will carry the “Post no Debit or Credit” tag and be forbidden from all transactions.

Trending