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The Central Bank of Nigeria (CBN) has mandated all citizens of Nigeria to link their NIN and BVN to their bank accounts. A circular from the CBN stipulates that any account without a Bank Verification Number (BVN) or National Identification Number (NIN) will be frozen from March 1, 2024.
The circular reads: “Effective March 1, 2024, all funded accounts or wallets shall be placed on Post No Debit or Credit and no further transactions permitted.
“It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN, it said, adding that “it remains mandatory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN.”
What you need to do!
First, make sure you have a valid BVN and NIN.
What is BVN?
Before we explain how to link your NIN and BVN to your account, let’s first explain what BVN means.
BVN stands for Bank Verification Number. The number is used to uniquely verify the identity of each Bank’s customer for ‘know your customer’ (KYC) purposes.
How do I get my BVN number?
Visit your bank and request for your BVN if you have not gotten one yet or You can dial the shortcode (*565*0#) using the phone number registered for his/her bank account. Make sure you have up to N20 airtime.
How can I check my BVN number with my phone?
The process of checking your BVN is easy on MTN, Airtel, GLO, and 9mobile. All you need to do is dial the USSD code *565*0#. Do this on the phone number registered with your bank account. After that, wait for the 11-digit number to appear.
What is NIN?
The National Identification Number (NIN) is a distinct number issued by Nigeria’s National Identity Management Commission (NIMC) that identifies the holder as a Nigerian. It is used to identify biometric data and other information stored in the National Identity Database.
If you are a Nigerian and interested in getting your own NIN, please visit www.nimc.gov.ng and fill out all the forms. After your successful enrolment, make sure you use the official Nimc mobile app to validate your NIN.
How do I check my NIN number online?
To check your NIN, please dial *346# on any network (MTN, AIRTEL, GLO, 9mobile).
How to link your NIN and BVN to your account.
For GTBank account users:
Please dial *737*20*BVN# from your registered mobile number to link your BVN. Alternatively, you can visit GTBank website www.gtbank.com and use the self-service portal to link your BVN and NIN, or Visit the nearest GTBank branch to link your BVN and NIN to your account.
For Stanbic Account users:
Please dial *909*9# from your phone registered with the bank account.
You can also visit any of the bank’s branches to get immediate help.
All you need to do is dial *770*02# on your registered phone and follow the prompt.
You can visit any of the bank’s branches for immediate help or send an email to [email protected] stating your account and BVN/NIN details.
For Access Bank account users:
If you are interested in linking your BVN/NIN to your account. Please use the number registered with your account by simply texting BVN, your account number and BVN number to 20121 e.g. BVN 06812345678 22498765432 to 20121).
Or use the Internet Banking platform via the self-service menu. Then select link BVN.
For all other banks, kindly visit any of their branches or contact them on social media.
CBN Circular Mandating the linking of BVN/NIN to Bank Accounts:
Read the circular published by the CBN on December 01, 2023 informing the public about the decision to block accounts not linked to BVN/NIN before April 2024.
CIRCULAR TO ALL COMMERCIAL, MERCHANT, NON-INTEREST AND PAYMENT SERVICE BANKS; OTHER FINANCIAL INSTITUTIONS, AND MOBILE MONEY OPERATORS.
A. TIER-1 WALLETS AND ACCOUNTS: MANDATORY USE OF BANK VERIFICATION NUMBER (BVN) OR NATIONAL IDENTIFICATION NUMBER (NIN),
B. GUIDANCE NOTE: ENROLMENT OF NEW CUSTOMER ACCOUNTSIWALLETS WITH VALIDATED BVNININ, AND
C. PROFILING OF ALL CUSTOMERS’ ACCOUNTSIWALLETS IN NIBSS’ INDUSTRY CUSTOMER ACCOUNT DATABASE (ICAD)
As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN). Accordingly, the CBN hereby issues an
amendment 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).
In this regard:
1. it is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN
2. it remains mandatory for Tiers 2 & 3 accounts and wallets for Individual accounts to have BVN and NIN;
3. the process for account opening shall commence by electronically retrieving BVN or NIN related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers. and
4. all existing customer aooountslwallets for individuals with validated BVN shall be profiled in the NIBSS’ ICAD immediately and within 24hrs of opening accounts/wallets.
Consequently, implementation shall be as follows:
a. Effective immediately, no new Tier1 accounts and wallets should be opened without BVN or NIN,
b. For ALL existing Tier1 accounts/wallets without BVN or NIN:
i. Effective immediately, any unfunded accountlwallet shall be placed on “Post No Debit or Credit” until the new process is satisfied.
ii. Effective March 1, 2024, all funded accounts or wallets shall be placed on “Post No Debit or Credit” and no further transactions permitted.
0. The BVN or NIN attached to and/or associated with ALL accounts/wallets must be electronically revalidated by January 31, 2024.
To ensure uniform and full compliance, the Executive Compliance Officers, Chief Compliance Officers or Heads of the Compliance Functions are advised to acquaint themselves with the-attached Guidance Notes which becomes applicable to ALL institutions regulated by the CBN.
Also, a comprehensive BVN and NIN audit shall be conducted shortly and where breaches are identified, appropriate sanctions shall be applied.
Finally, all financial institutions regulated by CBN are required to apply strict compliance on restrictions on Tier1 accountslwallets as they relate to limits on transaction values and cumulative balances.
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