National Economy
Friday, June 6, 2025
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
Read News
National Economy
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy
No Result
View All Result
National Economy
No Result
View All Result
Home News

85.51m Nigerians Face Account Suspension Over NIN/BVN

by  BUKOLA ARO-LAMBO and Royal Ibeh
1 year ago
in News
Reading Time: 3 mins read
bvn
Share on FacebookShare on TwitterShare on Telegram

You May Like

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

As the clock ticks down to March 1st, 2024, approximately 85.51 million bank customers in Nigeria are on the brink of losing access to their funds due to complications in linking their National Identification Numbers (NINs) and/or Bank Verification Numbers (BVNs) to their accounts.
This revelation stems from an in-depth investigation conducted by NATIONAL ECONOMY.
Data obtained from the Nigeria Inter-Bank Settlement System (NIBSS) paints a concerning picture: Nigeria boasted 146 million active individual bank customers as of December 2022. However, as of January 26, 2024, only 60.49 million BVNs had been successfully linked, while roughly 104 million NINs had been issued by December 2023.
With less than 24 hours remaining until the deadline set by the Central Bank of Nigeria (CBN), Nigerians are grappling with the arduous task of verifying their NINs with the National Identity Management Commission (NIMC). Many are encountering significant hurdles in this process.
The CBN’s directive to banks to restrict transactions on accounts lacking linked NINs and BVNs, effective March 1st, 2024, has sent shockwaves through the banking sector.
This directive, communicated via circular to all deposit money banks, underscores the critical importance of NIN and BVN linkage, extending the requirement even to Tier-2 and Tier-3 accounts.
Should the deadline hold firm, an estimated 85.51 million bank customers could find themselves in financial limbo, unable to access their hard-earned funds.
In response to these challenges, Abisoye Coker-Odusote, the Director-General of the National Identification Management Commission (NIMC), addressed the issue during a management retreat in Lagos.
She revealed that the commission had identified numerous irregularities and unethical practices during NIN enrollment and modification procedures, prompting a temporary halt to NIN enrollment activities for Front-End Partners (FEPs).
Coker-Odusote emphasized the pivotal role of FEPs in expediting the NIN registration process, urging meticulous handling of candidates’ information to safeguard the integrity of the country’s identity database.
Despite the commendable expansion of the National Identity Database to over 104 million captured NINs, with plans to register an additional 20 to 25 million NINs by the end of 2024, Coker-Odusote stressed the imperative of continued efforts to enroll more citizens, particularly those in underserved areas and vulnerable populations.
On the front of NIN-SIM linkage, Dr. Aminu Maida, the Executive Vice Chairman/CEO of the Nigerian Communications Commission (NCC), shed light on its significance in authenticating and protecting individuals’ identities.
He urged telecom subscribers to promptly submit their NINs to their service providers to complete the linkage process, emphasizing the critical role it plays in enhancing national security.
Meanwhile, some bank customers have expressed frustration with the NIN enrollment process. One customer of a tier one bank recounted receiving a message instructing her to rectify her BVN but dismissing it as a phishing attempt. Such sentiments are echoed by many who are contemplating transferring funds to accounts without BVN/NIN issues or withdrawing funds altogether to avoid potential disruptions.
In response to the impending deadline, Opay, a prominent mobile money operator, issued a stark warning to its users via social media. Effective March 1st, 2024, accounts lacking NINs or BVNs would face restrictions on transactions, in strict adherence to CBN directives.
As the deadline looms, millions of Nigerian bank customers find themselves caught in a race against time, navigating a maze of bureaucratic hurdles in a bid to safeguard their financial access. The outcome of this high-stakes saga remains uncertain, with implications that could reverberate throughout the nation’s banking landscape.
Tags: Bank Verification Number (BVN)NIN
ShareTweetShare
Previous Post

NNPCL Assures Transparency In IOCs Divestment Process

Next Post

Korede Demola-Adeniyi Joins Leadership Of The Alternative Bank

ANOTHER GOOD READ

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers
News

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

3 days ago
1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses
News

1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

3 days ago
FIRS Engages Oil, Gas Stakeholders On E-invoicing Ahead Of July Launch
News

FIRS Entering New Era Of Excellence, Trust — Adedeji

3 days ago
DBN Launches Green Declaration To Mobilise Green Finance
News

DBN Launches Green Declaration To Mobilise Green Finance

4 days ago
Unlocking Power Of Diaspora Remittances For Economic Growth
Business

Unlocking Power Of Diaspora Remittances For Economic Growth

4 days ago
Experts Debunk Myths, Promote Facts At Immunisation Webinar
News

Experts Debunk Myths, Promote Facts At Immunisation Webinar

4 days ago
Next Post
Korede Demola-Adeniyi Joins Leadership Of The Alternative Bank

Korede Demola-Adeniyi Joins Leadership Of The Alternative Bank

Most Recent

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

PENGASSAN Secures 300% Wage Increase For Oil And Gas Workers

June 3, 2025
1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

1,500 Bureau De Change To Shut As Recapitalisation Deadline Elapses

June 3, 2025
FIRS Engages Oil, Gas Stakeholders On E-invoicing Ahead Of July Launch

FIRS Entering New Era Of Excellence, Trust — Adedeji

June 3, 2025
JUST-IN: Reps Pass Tax Reform Bills

N250bn Public Expenditures Unaccounted — Reps

June 3, 2025
5 Unicorns In 9 Years, Who Does That?

5 Unicorns In 9 Years, Who Does That?

June 2, 2025
Guinness Record: Ali Seeks Gov Eno’s Support For World Title Fight

Guinness Record: Ali Seeks Gov Eno’s Support For World Title Fight

June 2, 2025
2026 World Cup Could Change Football Experience – Neymar

2026 World Cup Could Change Football Experience – Neymar

June 2, 2025
2025 National Sports Federations’ Board Elections: NSC Unveils Timeline Proposed Timelines For 2025 National Sports Federations’ Elections

2025 National Sports Federations’ Board Elections: NSC Unveils Timeline Proposed Timelines For 2025 National Sports Federations’ Elections

June 2, 2025
Advertise with us

© 2024 | National Economy

No Result
View All Result
  • Home
  • News
    • International Business
  • Lead-In
    • Cover
    • Investigation
  • Economy
    • Nigerian Economy
    • Fiscal Policy
    • Energy
    • Agri Business
    • Transportation
    • Industry
    • Competition
    • Homes & Property
    • Insurance
    • Companies & Markets
      • Companies
      • Capital Market
  • Tech
  • States & Politics
  • Commentary
    • Analyst
    • Business Matters
    • All Angles Considered
    • ClickSend
  • Editorial
  • Data
  • Others
    • Opinion
    • Money Guide
    • Analysis
    • Growth
    • Sport Economy

© 2024 | National Economy