By now, you may have noticed that your bank accounts have been frozen.
Do not panic, your money is safe, all you need to do is to follow the instructions of the Central Bank of Nigeria (CBN).
The CBN’s instruction mandates that every Nigerian must link their National Identification Number (NIN) and Bank Verification Number (BVN) to their bank accounts.
The apex bank had announced that it would freeze accounts without BVN or NIN from April 2024.
This would render the funds in such accounts inaccessible for the duration of the restriction.
Post No Debit Restrictions
In a circular on December 1, 2023, CBN 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.
This prevents 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.
Know Your Customer
The bank said the directive was part of efforts to promote financial system stability.
It will also 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.
However, now it has began, and perhaps you have been affected.
Now, you would find this article helpful as we share some easy steps to link your BVN or NIN to you accounts.
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You can use one of the following methods below.
Via SMS
Simply text BVN/NIN, your account number, and BVN/NIN number to the number/code provided by your service provider or bank.
Via Internet Banking
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.
What Is NIN?
The NIN consists of 11 non-intelligible numbers randomly chosen and assigned to an individual.
This is done after enrollment into the National Identity Database (NIDB).
What Is BVN
The BVN is a biometric technology with a secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.
