Urgent instructions have been issued by the Central Bank of Nigeria (CBN) mandating all bank customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their respective accounts. This directive, outlined in a circular dated December 1st, 2023, underscores the importance of enhancing Know Your Customer (KYC) procedures to bolster financial system stability.
Tier 1 bank accounts, which can be opened with a valid identity or proof of address, face restrictions if not linked with BVN. The CBN emphasizes the necessity of compliance, setting a stringent framework for account verification and transaction limitations.
With some banks setting February 29, 2024, as the deadline for compliance, customers are urged to promptly link their BVN and NIN to avoid disruptions to their banking services.
To facilitate this process, customers have multiple options:
– Link BVN/NIN via SMS: Text BVN/NIN, your account number, and BVN/NIN number to the provided number/code.
– Link BVN/NIN via Internet Banking: Access your bank’s internet banking platform, select the BVN/NIN option, and follow the prompts to complete the linkage.
– Email Request: Send an email request to your account officer.
– Visit Your Bank Branch: Visit the nearest bank branch for assistance.
This move reinforces the CBN’s commitment to strengthening KYC procedures and promoting financial system stability. Stay informed as further updates unfold on this developing story.
