In Nigeria, banks are urging customers to link their National Identification Numbers (NIN) with their bank accounts following a directive from the Central Bank of Nigeria (CBN). To comply, individuals need to generate a Virtual NIN, a secure code that protects their privacy during identity verification.
Understanding Virtual NIN:
Virtual NIN is a coded representation of the actual NIN, designed to safeguard personal data. It’s a crucial step in meeting the requirements set forth by the CBN and expires 72 hours after generation.
READ ALSO: 4 Ways You Can Simply Link Your NIN and BVN to Your Bank Account
Generating Virtual NIN:
- Via USSD:
- Dial *346*3*Your NINAgentCode#.
- You’ll receive an SMS containing your Virtual NIN.
- Using NIMC MWS Mobile ID App:
- Ensure your app is up to date.
- Enter your PIN and select “GET VIRTUAL NIN” on the home screen.
CBN’s Mandate and Deadline:
The CBN mandated the linking of BVN or NIN to bank accounts effective April 2024. Tier 1 accounts offer flexibility, while Tiers 2 and 3 require both BVN and NIN.
Electronic Revalidation Deadline:
All BVN or NIN linked to accounts must be electronically revalidated by January 31, 2024, to avoid restricted transactions starting March 1, 2024.
Addressing Virtual NIN Confusion:
Many customers are puzzled by the request for Virtual NIN. This article aims to clarify its purpose and provide simple steps for its generation via USSD or the NIMC MWS Mobile ID App.
Conclusion:
As Nigerian banks adapt to regulatory changes, understanding and generating Virtual NIN is essential for seamless banking. Customers are encouraged to act promptly to avoid disruptions to their banking activities.
Source: Nairametrics
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