The Central Bank of Nigeria (CBN), Nigerian banks have issued urgent notifications to their customers, emphasizing the need to update their bank account information with their Bank Verification Number (BVN) and National Identification Number (NIN) before the impending deadline of Friday, March 1, 2024.
Failure to comply with this directive may result in customers being unable to carry out transactions, warned the banks.
Several leading banks including Access Bank, United Bank for Africa (UBA), Ecobank, and Guaranty Trust Bank (GTBank) have initiated this process and provided both online and offline channels for customers to update their information promptly.
The circular from the CBN, dated December 1, 2023, mandates all Tier-1 bank accounts and wallets for individuals to be linked with BVN and/or NIN. Similar requirements apply to Tiers 2 and 3 accounts and wallets.
Specific Instructions from EcoBank and GTBank:
- EcoBank: Customers are directed to update their account information using the provided link and following the outlined steps, including providing NIN documentation.
- GTBank: Customers are informed of the mandatory requirement to link BVN and NIN to personal accounts, with options to complete the process via USSD code, website, or branch visit.
The CBN’s directive extends further to require financial institutions to display their corporate names on all online business platforms, ensuring transparency and accountability in the banking sector.
