Banking halls across the country witnessed a massive influx of customers on Monday as individuals rushed to link their Bank Verification Numbers (BVN) and National Identity Numbers (NIN) to their bank accounts. This surge came in response to the Central Bank of Nigeria’s (CBN) directive to banks, issued last Friday, instructing them to restrict access to accounts for customers who had not linked their BVN and NIN.
The CBN directive stated that existing customers must ensure all operated accounts and wallets created through agents are fully profiled in the NIBSS ICAD and tagged with valid BVN and/or NIN. It further declared that effective March 1, 2024, all funded accounts or wallets would be placed on ‘Post no debit or credit,’ and no further transactions would be permitted.
“Post no debit” refers to a restriction imposed by banks on specific accounts, preventing customers from making withdrawals, transfers, or debits from their accounts.
Reports from various banks indicated long queues and a significant increase in the number of customers seeking to link their identification numbers. Banks such as Zenith Bank, Guaranty Trust Bank, and First Bank experienced substantial crowds, with queues remaining long at GTBank even after the initial rush.
An anonymous official from First Bank in Akure, Ondo State, mentioned a higher than usual turnout of customers at the bank, particularly for linking their BVN.
The CBN’s directive, coupled with the impending deadline, led to the anticipation of a surge, and some banking officials expressed concerns about handling the expected rush. A senior official from a Tier-1 bank in Lagos noted the potential difficulty in coping with the anticipated influx, especially given previous staff losses and rationalization efforts.
A branch manager from a new generation bank indicated that if the volume of customers without BVN and NIN is overwhelming, the bank may extend working hours and consider operating on weekends to clear the backlog.
Data from the Nigeria Inter-Bank Settlement System revealed that over 75 million bank accounts could face restrictions or be blocked, considering that only 59 million BVNs were registered as of October 9, 2023.
In addition to the rush for BVN and NIN linkage, concerns about the scarcity of naira notes persisted. Some banks were observed rationing cash, and ATMs were programmed to dispense limited amounts. The scarcity is attributed to fears that old denominations might be banned by year-end.
Despite the ongoing challenges, the CBN clarified that all versions of Nigerian banknotes, old and redesigned, would continue to be legal tender, following a Supreme Court order on November 29, 2023. The directive aimed to address concerns and maintain confidence in the banking system.