How to link your NIN, BVN to your bank account - Step by Step Instructions

How to Link Your NIN, BVN to Your Bank Account

How to link your bvn,nin to your bank account

Table of Contents

I. Understanding BVN and NIN

  A. What is BVN?

  B. What is NIN?

  C. Why Link BVN and NIN to Your Bank Account?

II. CBN Directive on BVN/NIN Linkage

  A. Restrictions on Tier 1 Accounts without BVN/NIN

  B. Deadline for Linking BVN/NIN (if mentioned in the article)

III. Linking BVN/NIN to Your Bank Account

  A. Methods for Linking

      1. SMS

      2. Internet Banking

      3. Email Request

      4. Visit Your Bank

IV. Related News (Optional)

V. Background: CBN Circular on Tier 1 Accounts**

  A. Definition of Tier 1 Accounts

  B. CBN's Objectives for Mandatory BVN/NIN Linkage

I. Conclusion

  A. Importance of NIN in Nigeria

  B. How to Enroll for NIN (if mentioned in the article)

 to link your NIN, BVN to your bank account

Introduction;

BVN stands for Bank Verification Number in Nigeria. It is an 11-digit unique identifier assigned to each individual that links all your bank accounts across the Nigerian banking system. 

NIN on the other hand stands for National Identification Number. 

It is an 11-digit unique identifier assigned to a person by the National Identity Management Commission (NIMC) upon completing a registration process. 

NIN is like a social security number but for Nigerian citizens and legal residents. 

The Central Bank of Nigeria has instructed all bank customers to link their National Identification Number (NIN) and Bank Verification Number, BVN to their bank account (s).

The apex bank had in a circular on December 1st 2023, directed that banks should place restrictions on all Tier 1 bank accounts without BVN.

Tier 1 accounts are accounts that can be opened with a valid identify or proof of address. While some banks indicated February 29, 2024, as the deadline, some banks were silent about any deadline.

The National Identification Number (NIN) consists of 11 non-intelligible numbers randomly chosen and assigned to an individual after completing enrollment into the National Identity Database (NIDB).

Bank Verification Number (BVN) is a biometric technology with secure unique identifier to analyze human characteristics as an enhanced form of authentication for real-time security processes.

To link your BVN or NIN to your bank account, you can use one of the following methods

Link BVN,NIN to bank account via SMS

Simply text BVN/NIN, your account number, and BVN/NIN number to the number/code provided by your service provider or bank.

Link BVN,NIN to bank account via Internet Banking

Log in to the internet banking platform of your bank, select the BVN/NIN option, click on new request, enter your BVN/NIN, select the bank where your BVN/NIN was issued, answer the secret questions and follow the instructions.

Email Request

Send an email request to your account officer

Visit Your Bank

Visit your nearest bank branch

Related News

http://www.gistslover.com/2024/03/how-to-check-your-20242025-jamb-exam.html

Bankground:

Recall the CBN had in a circular on December 1st 2023, directed that banks should place restrictions on all Tier 1 bank accounts without BVN.

Tier 1 accounts are accounts that can be opened with a valid identity or proof of address.

The maximum daily transaction limit for a Tier account is N50,000 while the maximum account balance is N300,000.

According to the circular, titled, ‘TIER-1 WALLETS AND ACCOUNTS: MANDATORY USE OF BANK VERIFICATION NUMBER (BVN) OR NATIONAL IDENTIFICATION NUMBER (NIN), the CBN said: “As part of its effort in promoting financial system stability, it becomes necessary to strengthen the Know Your Customer (KYC) procedures in financial institutions under the purview of the Central Bank of Nigeria (CBN).

“Accordingly, the CBN hereby issues an amendment to Section 1.5.3 of the Regulatory Framework for Bank Verification Number (BVN) Operations and Watch-List for the Nigerian Banking Industry (The Guidelines).

In this regard: It is mandatory for ALL Tier-1 bank accounts and wallets for individuals to have BVN and/or NIN

“It remains mandatory for Tiers 2 & 3 accounts and wallets for Individual accounts to have BVN and NIN;

“The process for account opening shall commence by electronically retrieving BVN or NIN related information from the NIBSS’ BVN or NIMC’s NIN databases and for same to become the primary information for onboarding of new customers, and all existing customer accounts/wallets for individuals with validated BVN shall be profiled in the NIBSS’’ ICAD immediately and within 24hrs of opening accounts/wallets.

Conclusion

In Conclusion, here are some key updates about NIN in Nigeria:

The NIN links an individual's fingerprints, demographic information, and other biometric data into a central d@tabase. 

The NIN is important for many things in Nigeria, like applying for a driver's license, opening a bank account, or accessing certain government services.  

How to Enroll for NIN

You can enroll for your NIN at NIMC registration centers OR accredited agents around you.