The Central Bank of Nigeria (CBN) recently issued a directive that imposed significant restrictions on Tier 1 bank accounts without a Bank Verification Number (BVN) or National Identification Number (NIN).
The CBN’s circular, issued on December 1, 2023, said, “The mandatory requirement for all Tier-1 bank accounts and wallets to be linked with a BVN and/or NIN.”
Tier-1 accounts are bank accounts that can be opened with a valid identity or proof of address, with the maximum daily transaction limit for a Tier-1 account is N50,000, and the maximum account balance is N300,000. Also, it remains mandatory for Tiers 2 and 3 accounts and wallets for individual accounts to have BVN and NIN, too.
Starting from March 1, 2024, all funded Tier 1 accounts, or wallets without BVN or NIN will be placed on ‘Post No Debit or Credit,’ rendering them incapable of conducting debit transactions. This move aligns with the CBN’s commitment to promote financial system stability and strengthen KYC procedures within the Nigerian banking industry.
Ways to link your account to your BVN/NIN
1. Visit your designated bank’s website and navigate to the self-service portal.
2. Select the BVN/NIN link. Input your account details, and the system will generate an OTP code sent to your linked phone number.
3. After receiving the 6-digit code, enter it into the value section and tap ‘verify OTP.’
4. Generate a captcha and type in the code value presented by your bank to generate a Virtual NIN.
