Deadline Passes, Many Banks Lag in NIN/Account Linkage Implementation

As the March 1st deadline set by the Central Bank of Nigeria (CBN) for linking all bank accounts to National Identity Numbers (NIN) passed last Thursday, numerous banks across the country are yet to fully implement the directive, leaving approximately 91 million bank accounts at risk of being frozen.

Investigation revealed that contrary to expectations, some banks focused only on blocking accounts without proper Biometric Verification Numbers (BVN), while others allowed customers without linked NIN unhindered access.

Among the banks visited around Old Ojo Road at Abulado axis in Lagos State, Zenith Bank emerged as the sole institution actively implementing the directive. Customers at Zenith Bank were seen filling NIN update forms to unblock their accounts, while other banks such as Ecobank, Access Bank, and Stanbic IBTC Bank showed partial compliance.

A Zenith Bank official stated, “Several accounts, especially corporate accounts, have been blocked due to non-linkage to NIN.” However, customer relations staff at Stanbic IBTC Bank claimed no accounts were blocked due to non-compliance.

Ecobank, Access Bank, and other banks demonstrated varying degrees of non-compliance, with some yet to commence implementation. GT Bank, Fidelity Bank, and Union Bank were among those still pending full implementation, while some banks in Abuja confirmed freezing accounts not linked to BVN and NIN.

Meanwhile, a call for consideration echoes as the World United Consumer Organisation urges the CBN to create remote access methods for Nigerians in the diaspora to link their NIN and BVN. The organization also appeals for a reconsideration of the deadline, emphasizing the unique challenges faced by Nigerians abroad.