How to link your NIN/BVN to your Bank Account

The Central Bank of Nigeria issued a memo on December 1, 2023 to all banks to downgrade all accounts not connected to BVN and NIN to a tier one account. While some banks have announced February 29, 2024 as the deadline for the grace period before taking action on the apex bank memo, others are silent.

The memo which made it mandatory to have both NIN and BVN linked to all bank accounts said it is to ensure financial system stability.

“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),” the memo reads.

“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,” it added.

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