Banks have been experiencing an influx of customers as the March 1 deadline for the linkage of Nigeria National Identification Numbers (NIN) to Bank Verification Numbers (BVN) approaches.
This development is coming after a circular issued by the Central Bank of Nigeria (CBN) in 2023, ordered existing customers to complete the full profiling of accounts opened through agents within the Nigeria Inter-Bank Settlement System.
The circular had also stipulated that all funded accounts or wallets must be placed on “Post No Debit or Credit” status, with no further transactions allowed until compliance is achieved.
Also, the electronic revalidation of BVN or NIN associated with all accounts and wallets by January 31, 2024 was required.
As a result, all unfunded accounts or wallets would be henceforth be subjected to a “Post no debit or credit” status until the necessary linkage processes were successfully completed.
This term indicates restrictions enforced by banks on particular accounts, disallowing customers from making withdrawals, transfers, or debits from their accounts.
As this deadline looms closer, there has been a notable increase in customer traffic within banking halls as individuals are doing their be set to link their BVNs and NINs to their bank accounts.
In Abuja, various banks in Abuja revealed crowded banking halls as customers were looking to avoid potential restrictions on their accounts in the final 48 hours before the deadline.
Some customers had also expressed frustration at the challenges they were facing in their bid to link their particulars, including poor network connectivity and substantial queues.
