Latest update on NIN-BVN linkage, verification, banks deadline March 6

The deadline for bank customers to link their National Identification Numbers (NIN) to Bank Verification Numbers (BVN) has passed as of March 31. The Central Bank of Nigeria (CBN) had instructed all commercial banks last year to restrict tier-1 accounts without proper BVN and NIN linkage by March 1, 2024. This directive meant that around 91 million bank accounts faced the risk of being frozen if not compliant.

The CBN circular required that all funded accounts or wallets be placed on “Post No Debit or Credit” status until the necessary compliance was achieved, thereby preventing further transactions.

Here are the latest updates on NIN-BVN linkage, verification, and the banks’ deadline as of today, March 6, 2024:

PalmPay Issues Final Notice to Users

Leading fintech company PalmPay has issued a final notice to its users, urging them to update their accounts with their NIN or BVN to avoid having their PalmPay accounts restricted. Effective March 1, 2024, PalmPay notified its users that accounts not linked to a NIN or BVN “will not be able to carry out transactions on the PalmPay App.”

WUCO Calls for Remote Access and Deadline Reconsideration

The World United Consumer Organisation (WUCO) has urged the Central Bank of Nigeria (CBN) to establish remote access methods and alternative procedures for Nigerians in the diaspora to link their NIN and BVN. This global advocacy group, dedicated to ensuring equitable access to essential services for consumers worldwide, has also requested the apex bank to reconsider its deadline for NIN/BVN linkage.

Central Bank of Nigeria Silent as Deadline for Account Restrictions Passes

The Central Bank of Nigeria (CBN) has maintained silence as the deadline for banks to restrict customers’ accounts without a Bank Verification Number (BVN) or National Identity Number (NIN) has expired. The deadline, which was set for March 1, 2024, has now passed without any official statement or communication from the CBN regarding the next steps.

How to Link BVN/NIN to Bank Account:

• SMS Method: Simply text BVN/NIN, your account number, and BVN/NIN number to the number/code provided by your service provider or bank.

• Internet Banking Method: Log in to the internet banking platform of your bank, select the BVN/NIN option, click on new request, enter your BVN/NIN, select the bank where your BVN/NIN was issued, answer the secret questions, and follow the provided instructions.

• Email Request: Send an email request to your account officer.

These updates serve as a reminder for bank customers to ensure compliance with the BVN and NIN linkage directives to avoid any disruptions in their banking activities.