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As of the March 1st deadline set by the Central Bank of Nigeria (CBN) for the linkage of all bank accounts to National Identity Numbers (NIN), several banks in the country have yet to fully implement the directive.
Approximately 91 million bank accounts faced the risk of being frozen if not properly linked with both Biometric Verification Numbers (BVN) and NIN by the deadline. However, an investigation by Vanguard revealed that contrary to expectations, only a few banks have focused on blocking accounts without BVN, allowing customers yet to link their NIN unhindered access to their accounts.
Among the banks visited around Old Ojo Road at Abulado axis in Lagos State, only Zenith Bank had begun the implementation of the directive. Customers who visited Zenith Bank to address account blockages were seen filling NIN update forms to have their accounts unblocked. According to an official from the bank, several accounts, especially corporate ones, were blocked due to the lack of linkage to NIN. Customers who complete the NIN update process have their accounts unblocked.
However, at Stanbic IBTC Bank, the customer relations staff reported that no accounts had been blocked due to non-compliance. She mentioned that nobody had complained about it on that day.
Ecobank, Access Bank, and Union Bank were identified as banks that had not started implementing the directive, with customers having full access to their accounts without any hindrance. Access Bank reported that only accounts without BVN were being denied access.
On the other hand, GT Bank and Fidelity Bank were yet to commence implementation. GT Bank was reported to be assisting customers whose accounts were affected by the policy.
In Abuja, some banks have started implementing the policy of freezing defaulting accounts. Fidelity Bank and Wema Bank confirmed that they had commenced freezing accounts not linked to BVN and NIN. Customers were directed to provide necessary information to unfreeze their accounts, including NIN, evidence of birth certificate, and ensuring that the names on BVN match those on the NIN.
UBA, Polaris Bank, and Union Bank in Abuja reported that they were yet to commence the implementation of freezing accounts and were still receiving customers willing to link their accounts to BVN and NIN.
Meanwhile, the World United Consumer Organisation (WUCO) has called on the CBN to create remote access methods and alternative procedures for Nigerians in the diaspora to link their NIN and BVN. The global advocacy group also urged the CBN to reconsider the deadline for NIN/BVN linkage, considering the unique challenges faced by Nigerians abroad.
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