The Central Bank of Nigeria, CBN has instructed all bank customers to link their National Identification Number (NIN) and Bank Verification Number, BVN to their bank account (s).
The National Identification Number (NIN) consists of 11 non-intelligible numbers randomly chosen and assigned to an individual after completing enrollment into the National Identity Database (NIDB).
Bank Verification Number (BVN) is a biometric technology with secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.
The Head, Corporate Communications of the National Identity Management Commission, NIMC, Kayode Adegoke, in a statement, urged Nigerians to adhere to instructions of the Commission to avoid the use of your BVN by unscrupulous persons.
The statement reads, “The National Identity Management Commission (NIMC) wishes to inform you that at no point should you write or give your Bank Verification Number (BVN) to anyone during the process of enrolling for the issuance of the National Identification Number (NIN).
“You are only required to type your BVN on the enrolment system or dictate it to the enrolment officer for verification purpose.
“Please ensure you adhere to this instruction to avoid the use of your BVN by unscrupulous person(s).
“NIMC considers the protection of NIN applicants’ data and information as a topmost security priority. The Commission would continue to uphold the highest ethical standards in the process of NIN enrollment and other services.
“Thank you as we strive to serve you better.”
Bankground:
Recall the CBN had in a circular on December 1st 2023, directed that banks should place restrictions on all Tier 1 bank accounts without BVN.
Tier 1 accounts are accounts that can be opened with a valid identity or proof of address.
The maximum daily transaction limit for a Tier account is N50,000 while the maximum account balance is N300,000.
According to the circular, titled, ‘TIER-1 WALLETS AND ACCOUNTS: MANDATORY USE OF BANK VERIFICATION NUMBER (BVN) OR NATIONAL IDENTIFICATION NUMBER (NIN), the CBN said: “As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN).
“Accordingly, the CBN hereby issues an amendment 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).
In this regard: It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN.
“It remains mandatory for Tiers 2 & 3 accounts and wallets for Individual accounts to have BVN and NIN;
“The process for account opening shall commence by electronically retrieving BVN or NIN related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS’’ ICAD immediately and within 24hrs of opening accounts/wallets.
