Posted by As the deadline for linking Nigerian National Identification Numbers (NINs) to Bank Verification Numbers (BVNs) draws near on March 1, banks are now seeing an influx of consumers.
The Nigerian central bank issued a circular in 2023 requiring all existing clients to finish the full profiling of accounts opened through agents in the Nigeria Inter-Bank Settlement System. This development followed that directive.
Until all accounts or wallets that have been financed are put on “Post No Debit or Credit” status, no further transactions will be allowed, as stated in the circular.
All accounts and wallets were also needed to undergo electronic revalidation of their BVN or NIN by January 31, 2024.
Valid and accurate BVN and/or NIN tagging of accounts is now required following an update 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).
“Post no debit or credit” would be applied to any underfunded accounts or wallets as soon as the required linkage procedures were finished.
Banks may put limits on some accounts, making it impossible for consumers to do things like withdraw money, transfer funds, or debit their accounts.
Customers are flocking to banking halls in droves as the deadline draws near, all in the pursuit of linking BVNs and NINs to bank accounts.
A 460PLAY reporter visited multiple Abuja banks in the last 48 hours before the deadline and found that the banking halls were extremely busy with consumers trying to escape possible account limitations.
Frustrated clients voiced their opinions about the difficulties encountered throughout the connection procedure, stating that the banks’ weak network connectivity was to blame.
They still haven’t connected my NIN to my BVN after eight hours of waiting. A frustrated client named Fred complained that the network was slow and that there were many others in line for the same reason.
Customers were seen standing in long lines at the branches of multiple commercial banks in Abuja City Centre, waiting to complete the NIN-BVN connection required for their bank accounts.