Due to their inability to link their National Identification Numbers (NINs) and Bank Verification Numbers (BVNs) to their accounts, it is estimated that no fewer than 85.51 million bank customers may not be able to withdraw from their bank accounts by March 1, 2024.
On December 1, 2023, the Central Bank of Nigeria CBN declared that any bank accounts lacking NIN and a BVN will be designated as ‘Post no Debit,’ and had asked banks to restrict transactions on accounts whose NIN and BVN have not been linked, starting on March 1, 2024.
The March 1, 2024 deadline given by the Central Bank of Nigeria (CBN) for customers to link their Bank Verification Number (BVN) with National Identity Number (NIN) to their bank accounts and wallets, Nigerians have raised issues surrounding verifying their NIN with the National Identity Management Commission (NIMC).
As of January 26, 2024, the BVN count on the NIBSS portal was 60.49 million while about 104 million NINs have been issued as of December 2023.
Recall that data from the Nigeria Inter-Bank Settlement System (NIBSS) shows Nigeria has 146 million active bank customers (individual) as of December 2022.
The apex bank stated that having a BVN and/or NIN is required for all Tier-1 bank accounts and wallets for people, even as it added that having a BVN and NIN is still required for Tiers 2 and 3 accounts as well as wallets for individual accounts.
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