As of March 1, 2024, the Central Bank of Nigeria (CBN) is set to enforce a directive that could lead to the freezing of accounts lacking a Bank Verification Number (BVN) or National Identity Number (NIN). This mandate applies to Tier-1 bank accounts and wallets, impacting commercial, merchant, non-interest, payment service banks, Other Financial Institutions (OFIs), and mobile money operators.
The CBN’s directive aims to enhance security, streamline banking operations, and align with global standards. Accounts without linked BVN or NIN face a “Post No Debit or Credit” status, hindering further transactions. The CBN has also mandated electronic revalidation of linked BVN or NIN by January 31, 2024.
Customers are urged to promptly link their BVN and NIN to their accounts to avoid disruptions, as failure to comply may lead to frozen transactions. Many banks, including Ecobank and GT Bank, have communicated these requirements to their customers, providing guidelines for a seamless update process.
The message from Ecobank on Wednesday, read, “Dear valued Customer please be informed that the Central Bank of Nigeria (CBN) through its circular dated December 1, 2023, has announced that all accounts without Bank Verification Number (BVN) and/or the National Identity Number (NIN) would not be able to carry out transactions from March 1, 2024.
“Consequently, you will be required to update your account information with your National Identification Number (NIN) and Bank Verification Number (BVN) if you have not done so already.
“Kindly click on the customer update link https://customerupdate.ecobank.com/ciu/login
“Input your account details, Tick the terms and conditions box, An OTP will be sent to your registered email address, Input OTP and submit, Click on Request, Select statutory ID or identification update and upload a copy of your NIN document. Tick the acceptance box and submit.”
In a similar message sent to its customers, GT Bank said, “Dear Valued Customer, we would like to inform you of the mandatory requirement to link your Bank Verification Number (BVN) and National Identity Number (NIN) to your personal GTBank Account.
“The process of linking your BVN and NIN to your Account is simple and can be completed using any of these channels: “Dial 73720*BVN# from your registered mobile number to link your BVN or Visit our website www.gtbank.com self-service portal to link your BVN and NIN or Visit the nearest GTBank branch to link your BVN and NIN to your account.”
