Nigerians must link their accounts with both their National Identity Numbers (NINs) and Bank Verification Numbers (BVNs). This announcement has garnered various reactions from Nigerians.
This direction requires all commercial banks to ensure that no new accounts or wallets are opened without a linked NIN or BVN.
This change, announced recently by the Central Bank of Nigeria (CBN), has sparked various reactions on social media. Users are voicing their concerns and questions about this directive, unsure about why previously established bank accounts would be without NINs or BVNs in the first place.
The CBN has communicated this crucial change through a circular, penned by its officials, Chibuzo Efomi and the Director of Financial Policy and Regulation Department. They have outlined how this new policy will be implemented, which they stress is a crucial step for all bank transactions from March of the upcoming year.
With a decade of experience in various sectors including tech, energy, stocks, investments, and economy, this change is closely monitored by Pascal Oparada.
The heart of the discussions revolves around the mandate for all bank account holders to ensure their accounts correlate with their Bank Verification Numbers (BVNs) and National Identity Numbers (NINs) by March of the upcoming year for any form of banking transactions.
In a public circular issued by CBN, the primary agenda was detailed and backed by the Director of Payment System Management Department, Chibuzo Efomi, and the Director of Financial Policy and Regulation Department. This comprehensive document underscores the forthcoming changes and outlines how they will be implemented.
New bank accounts to have NIN and BVN
Central Bank of Nigeria (CBN) has made some significant changes. You’re now required to use both a Bank Verification Number (BVN) and a National Identification Number (NIN) while setting up your account. You can check your BVN here.
However, the CBN isn’t stopping there. Starting from March of next year, even funded accounts lacking a BVN and NIN will be barred from making transactions. This development has sparked a lively online discussion. Many folks in Nigeria are curious how it’s possible for active accounts to be devoid of a BVN.
“This new NIN requirement for account opening is tricky. It means that if I’m acquiring a customer, I’m doing a two-level check on BVN + NIN, and both have tokenization (two OTPs), which means longer onboarding time. Then, I will need a PII matching script somewhere to validate foundational KYC data, @Abiola_Usman said on X.
Another X user said: “Stressful for customers, especially those in the fintech space who are trying to acquire customers.
Remember that they still have “TRUST” issues.
So how do they not to onboard easily? NIN wey get the problem, or is it BVN that people are scared to give you? Sometimes”
@noveverst wrote: “Bosun won’t fix NIN and BVN to work effectively. Give Nigeria the primary data it needs. He is either chasing AI, Telemedicine, or now WhatsApp. Bro, fix Nigeria’s data.”
Other Nigerians say the citizens are swimming in an ocean of biometrics, wondering when they will be unified.