BVN & NIN Update: Why Banks Are Asking You to Re-link Your Accounts

By M-Bukar Wednesday 28 February 2024 1 Comment

BVN & NIN Update: Why Banks Are Asking You to Re-link Your Accounts

Many Nigerians have recently received messages from their banks urging them to link their National Identification Number (NIN) and Bank Verification Number (BVN). This might seem repetitive, but here's why it's happening: Continue Reading...

1. Clarifying the Requirements:

The Central Bank of Nigeria (CBN) has issued new directives regarding linking BVN and NIN. While many linked their BVN in the past, tier 2 and 3 accounts must now be linked to both BVN and NIN. Tier 1 accounts have the option of BVN and/or NIN. Confused? Don't worry, your bank can clarify your account tier.

2. Addressing Data Discrepancies:

Banks are also using this opportunity to identify discrepancies in customer records. Some individuals might have linked their BVN previously, but inconsistencies between BVN and NIN information were discovered. These customers need to "perfect their records" to avoid account restrictions.

3. Who's Receiving These Messages?

Banks are primarily contacting tier 2 and 3 account holders who haven't yet linked their BVN and NIN. If you haven't received a message, it's likely your account is already compliant.

Important Note: Regardless of whether you've received a message or not, it's crucial to ensure your BVN and NIN are linked correctly to avoid any potential disruptions to your account access. Contact your bank if you're unsure about your account tier or require assistance with the linking process.

Source:

Nairamatics

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