Connect with us
Paramount
Advertisement
Ican
Advertisement
IZIKJON
Advertisement
Polaris bank
Advertisement
Binance
Advertisement
Esetech
Advertisement
Patricia
Advertisement
Fidelity ads
Advertisement
Stallion ads
Advertisement
app

Business

FG reveals plans to replace BVN with NIN

The Federal Government has disclosed plans to replace the Bank Verification Number (BVN) with the National Identity Number (NIN).

Published

on

Data Isa-Ali-Ibrahim-Pantami.

The Minister for Communications and Digital Economy, Dr. Isa Pantami, has revealed plans by the Federal Government to replace the Bank Verification Number (BVN) with the National Identity Number (NIN).

This is as the Ministry is collaborating with the Central Bank of Nigeria (CBN) to ensure citizens with BVNs are automatically provided with NINs.

This disclosure was made by Pantami, when he led a delegation of chief executive officers on a visit to Mobile Network Operators (MNOs) and a private enrolling centre in Abuja.

READ: FG directs the suspension of NIMC staff involved in extortion of NIN applicants

What the Minister for Communications and Digital Economy is saying

According to a report from News Agency of Nigeria (NAN), after making a presentation to National Economic Sustainability Committee, the Minister said his attention and that of the CBN Governor were drawn to the need to replace BVN with NIN.

Pantami said since then, the 2 establishments had been working on the initiative, with the CBN having more workload to facilitate the process, in order to make it much easier for Nigerians.

The Minister pointed out that the challenge is that the BVN records may not be 100% the same as the NIN, but what is most important is that the NIN is the primary identity of every legal resident in the country.

READ: Minister discloses that 7 SIM cards can be linked to one NIN

He said “BVN is a policy of a bank and has not been established by law. The NIMC Act 2007 provides that all our citizens must enrol and the law gives them 60 days to enrol from the time the law was enacted and a maximum of 180 days.

“All permanent residents in the country and legal residents that have to stay here for a minimum of 24 months must enrol so that the primary identification of all and all other databases are supposed to utilise this and not for NIN to utilise the BVN because it is the primary one.

“Some of the challenges encountered, NIMC produced the template for registering citizens in passport, BVN and others but some institutions did not comply with the requirements. Even in biometrics, some will just take four, some two, so you cannot harmonise without upgrading and integrating the system.

READ: CBN reveals total number of accounts with BVN

He said that the Federal Government had accredited 203 operators that would help enrol citizens to secure their NIN, adding that the visit was to oversee how the exercise had been.

bitcoin train

What you should know

  • It can be recalled that the Federal Government had directed that telecommunication companies should block from their networks, any SIM that was not registered with valid NINs with effect from December 30, 2020.
  • However, following public outcry, the government gave 6 weeks’ extension to subscribers without NIN from December 30, 2020, to February 9, 2021, and 3 weeks’ extension for subscribers with NIN from December 30, 2020, to January 19, 2020.
  • This was further extended by 8 weeks with April 6, 2021, as the new deadline.

Binance

Chike Olisah is a graduate of accountancy with over 15 years working experience in the financial service sector. He has worked in research and marketing departments of three top commercial banks. Chike is a senior member of the Nairametrics Editorial Team. You may contact him via his email- [email protected]

4 Comments

4 Comments

  1. Odebunmi Emmanuel

    February 9, 2021 at 8:20 am

    Good idea

    • Godstime

      February 9, 2021 at 11:25 am

      But people are still collecting 5k for the NIN registration, won’t FG do something about that, replacing BVN with is good but don’t forget that BVN was free so I believe that NIN too should done for free

    • Godstime

      February 9, 2021 at 11:29 am

      Good idea, but this NIN should be for free not people collecting 5k from people that does not have. It is rough,BVN was done free to all bank holders so replacing BVN with NIN should also be free

  2. Lan

    February 9, 2021 at 2:25 pm

    No sense in this. How can they be doing this nonsense like someone leading a primary school without proper planning. Multiple Identifications, each with stress at every point in time. Its basically crazy and annoying.

Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Business

More Nigerians don’t trust government, fear losing jobs more than COVID-19 – Report

The 2021 Edelman Trust Barometer has revealed that Nigerians trust NGOs, businesses more than they trust the government.

Published

on

Cross section of Nigerians

A recent survey has revealed that only 24% of Nigerians have trust in the government which is one of the lowest rates in the world. The report also stated that Nigerians have more fear of job losses than Covid-19.

The was revealed in the 21st Edelman Trust Barometer Survey Report on Nigeria unveiled virtually by Edelman and its Exclusive Nigerian Affiliate, Chain Reactions Nigeria, in Lagos on Tuesday, 23 February 2021.

Presenting the 2021 Nigeria findings with the theme: ‘Pandemic’s Ongoing Impact on Trust’, CEO of Edelman Africa, Jordan Rittenberry, noted that Nigerians are looking to civil society organisations and businesses to assist the government in uplifting communities and driving positive change.

The 2021 Edelman Trust Barometer Report revealed that “out of the four institutions of government, business, media and Non-Governmental Organisations (NGOs), Nigerians trust civil society organisations the most, with businesses coming second.” 

Highlights of the survey include:

  • Most Nigerians expressed distrust for the media and returned the lowest trust quotient in the world for government with 24%.
  • Nigerians overwhelmingly placed the highest Trust in their ‘employers’, and in the process revealed their expectations for CEOs and business leaders to be more pro-active in speaking out on societal issues (92%) and driving positive change (79%) rather than wait for government.
  •  Nigerians fear losing their jobs more than they fear coronavirus, with a high degree of vaccine hesitancy revealed, as only 26% expressed readiness to take the COVID-19 vaccine when made available.

Laolu Akande, the Senior Special Assistant on Media to Vice President Yemi Osinbajo said: “Distrust in government is not peculiar to Nigeria. However, the government does have the responsibility to up its game in communication, to demonstrate responsibility and responsiveness.”

Akande cited the acclaimed National Social Intervention Programmes, and the COVID-19 Survival Fund as some evidence of the Muhammadu Buhari administration’s unprecedented responsiveness to Nigerians.

In case you missed it

Nairametrics reported last month that only 68.8% of Nigerians believe Covid-19 is real. While 39.9% of Nigerians say they will take the vaccine, 63.3% are opposed to another lockdown, in a report by SBM Intel

Continue Reading

Business

SEC denies knowledge of Oando shareholder’s court case

SEC has denied ever being served with court processes with respect to the purported matter at the FCT High court.

Published

on

unclaimed dividend, SEC restrains fintech company, Chaka from advertising or offering for sale shares

The Securities and Exchange Commission (SEC) has denied the claim by one of Oando Plc’s shareholders, Engr Patrick Ajudua, that he won a court case against the capital market apex regulator.

SEC disclosed in a statement it issued and seen by Nairametrics on Wednesday that there was never a time it was served with court processes with respect to the purported matter at the FCT High court.

It stated, “The attention of the Securities and Exchange Commission (the Commission) has been drawn to several publications in the media, where it is reported that a shareholder of OandoPlc, purportedly obtained a judgment from the Federal Capital Territory High Court against the Commission.

“The Commission wishes to inform the general public that it was never at any time served with court processes with respect to the purported matter at the FCT High court. The Commission will consequently take all necessary steps to verify and set aside the purported decision of the said Court.”

What you should know

  • On Tuesday, Ajudua, reportedly won a legal suit, which was filed at the High Court of the FCT against SEC, according to Nairametrics.
  • He filed that the directive of the SEC suspending Oando’s Annual General Meeting is in breach of his right to freedom of association as guaranteed under Section 40 of the Nigerian Constitution and Articles 9, 10 & 11 of the African Charter on Human and Peoples Rights.
  • In the said hearing presided over by Honorable Justice O. A Musa, all cases filed were granted in his favor.

Continue Reading
Advertisement




Advertisement

Nairametrics | Company Earnings