The Central Bank of Nigeria (CBN) has implemented a mandatory requirement for Tier-1 bank account holders, compelling them to link their National Identification Number (NIN) and/or Bank Verification Number (BVN) before gaining full access to operate their bank accounts or wallets. In this article on Naijaknowhow, we have covered everything you need to know about this topic.
In an earlier circular dated December 1, 2023, the CBN made it clear that it is mandatory for all Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN. Also, it remains mandatory for Tiers 2 & 3 accounts and wallets for individual accounts to have BVN and NIN.
In the same circular, they further emphasized that existing customers would be promptly placed on Post No Debit or Credit. This measure is implemented immediately and restricts customers from making withdrawals, transfers, or any other debits from their accounts.
Here’s a snippet of the circular below:
“For ALL existing Tier1 accounts/wallets without BVN or NIN:”
- “Effective immediately, any unfunded account/wallet shall be placed on “Post No Debit or Credit” until the new process is satisfied.”
- “Effective March 1, 2024, all funded accounts or wallets shall be placed on “Post No Debit or Credit” and no further transactions permitted.”
With that being said, I will be explaining ways you can link your NIN and/or BVN directly to your bank account.
Prerequisites:
Before you can link your BVN and/or NIN, you first need to have them. You will find steps to get these two numbers, or any of these two numbers needed for account linkage, to avoid your account being placed on Post No Debit or Credit, which simply means bank customers are prevented from making withdrawals, transfers, or any other debits from their accounts.
What is BVN?
BVN stands for Bank Verification Number used in identifying and tracking individual financial records. If you have not previously enrolled for a BVN, then you can get it from any bank.
If you already have a BVN, please read this article to learn how to check your BVN on your mobile phone. Ensure that the number you use for the check corresponds to the one used during BVN enrollment.
What is NIN?
The National Identification Number (NIN) is a unique 11-digit number assigned to every individual in Nigeria, whether you’re born here or from overseas. It is mandatory to have an NIN if you want to live and have access to a registered business, a corporate bank account, or even if you want to board a plane.
How to get your NIN:
- To register your National Identification Number (NIN), you can visit the NIMC enrolment centres. For those who have previously registered but cannot recall their NIN, you have the option to dial *346# directly on your phone.
Ways to Link NIN and/or BVN to Your Bank Account in Nigeria
Linking your NIN and/or BVN to your bank account in Nigeria is very easy. Here are the more reliable ways to do that:
1. Visit your bank branch:
- Make sure you have bank account details, a NIN slip, and/or a BVN ready.
- Head to the nearest bank branch and approach customer service.
- Complete a NIN linkage form or provide your NIN and/or BVN along with other identification details.
- Your bank will conduct verification of the information and documents you’ve provided.
- After successful verification, request confirmation that your NIN and/or BVN have been successfully linked to your selected bank account.
2. USSD code method:
There are custom USSD codes that can be used to do this; in essence, different banks have their unique shortcode codes to link your NiN/BVN. For example:
- GTBank: Dial *737*20*BVN# from your registered mobile number to link your BVN to your GTBank account.
- FCMB: Dial *329# >> select self-service >> select link BVN to link BVN
You can access all the codes in our in-depth article on how to link your BVN using this method; please endeavour to read it by clicking on the link.
3. Mobile app method:
Some of your bank’s official mobile apps allow you to link your BVN and/or NIN directly to your bank account.
For instance, if you are an ALAT customer, you can easily find this process very easy through their mobile app. To get started, simply sign into the ALAT app, and you will immediately get a notification asking you to link your NIN and/or BVN if you haven’t already done that.
If you intend to link your BVN and/or NIN with other banks, you can refer to our post on mobile banking apps for Nigerian banks. Download and install your respective bank’s app for the necessary procedures.
4. Internet banking:
Lastly, internet banking is also another surefire way to link your NIN and/or BVN with your bank account or wallet to avoid being placed on Post No Debit or Credit.
Conclusion:
To summarize, the Central Bank of Nigeria (CBN) has directed Tier-1 bank account holders to fully link their National Identification Number (NIN) and/or Bank Verification Number (BVN) in order to effectively operate their accounts. This directive, effective immediately, requires existing customers without BVN or NIN to be placed on “Post No Debit or Credit,” restricting withdrawals and transactions. Starting March 1, 2024, funded accounts without BVN or NIN will face similar restrictions. To comply with this requirement, customers can link their BVN and/or NIN through various methods: visiting the bank branch, using USSD codes, mobile apps, or utilising Internet banking. It is crucial to have these details to avoid disruptions to account functionality.
