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The Central Bank of Nigeria (CBN) has mandated all bank customers to link their National Identification Number (NIN) and Bank Verification Number (BVN) to their bank accounts.
The National Identification Number (NIN) is an 11-digit unique identifier randomly assigned to individuals after enrollment in the National Identity Database (NIDB).
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On the other hand, the Bank Verification Number (BVN) is a biometric technology employing a secure unique identifier to analyze human characteristics, serving as an enhanced form of authentication for real-time security processes.
In a statement, Kayode Adegoke, the Head of Corporate Communications at the National Identity Management Commission (NIMC), urged Nigerians to follow the Commission’s instructions to prevent the misuse of their BVN by unscrupulous individuals.
The statement emphasized, “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 enrollment system or dictate it to the enrollment officer for verification purposes. Please ensure you adhere to this instruction to avoid the use of your BVN by unscrupulous persons.”
The CBN had previously issued a circular on December 1st, 2023, instructing banks to impose restrictions on all Tier-1 bank accounts without BVN.
Tier-1 accounts are those that can be opened with a valid identity or proof of address. The circular outlined a maximum daily transaction limit of N50,000 and a maximum account balance of N300,000 for Tier-1 accounts.
As part of its effort to strengthen Know Your Customer (KYC) procedures and promote financial system stability, the CBN mandated that all Tier-1 bank accounts and wallets for individuals must have BVN and/or NIN.
The same requirement applies to Tiers 2 and 3 accounts and wallets for individual accounts. The account opening process will involve electronically retrieving BVN or National identity information from the NIBSS’ BVN or NIMC databases, and existing customer accounts/wallets with validated BVN shall be profiled in the NIBSS’ ICAD within 24 hours of opening.
