The Central Bank of Nigeria, CBN, yesterday, imposed fresh condition for owning a bank account saying that from January 8, 2013,

the National Identity Number, NIN, would be criteria for owning and operating a bank account in the country.



To this effect, from September 1 this year, CBN in conjunction with the National Identity Management Commission, NIMC, and the Nigeria

Interbank Settlement System, NIBSS, would commence a three months enrollment exercise

for all existing banks’ customers to capture their biometrics and issue to them NIN as well as a General Purpose Identity Card.



This was announced via a circular to all deposit money banks, microfinance banks and primary

mortgage institutions, PMIs, on the use of the National Identity Number, NIN, for the Know Your Customer, KYC, verification. Chairman, House of Representatives Committee on Interior, Rep. Umar Bature (r) being captured for the National Identity Number (NIN) at the National Identity Management Commission Abuja recently. NAN Photo.



The circular was signed by Mr. Dipo Fatokun, Director, Banking and Payments System Department. The circular said: “As part of CBN’s efforts to bolster the banking industry and the entire financial system, the Bank in the recent past

commenced steps to overhaul the KYC processes in banks, including the recently concluded customer account verification exercise.

In furtherance to this exercise, the Bankers Committee at a recent meeting resolved to adopt

the new National Identity Number, NIN, which is expected to be issued from September 2012 by the National Identity Management Commission, NIMC, in conjunction with its front-ends partners as the new basis for KYC for financial transactions going forward.

Vanguard

A new development.

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National Identity Number, hope this will work like Social Security Number? Naija is just soo backwards in many things.