FG directs all account holders in financial institutions to re-register despite BVN


By Mukwuzi Joseph

The federal government says every person that owns an account with financial institutions has to undergo a self-certification process.

The directive was announced on Thursday via the federal government’s Twitter handle.

Under this scheme, account-holders are required to obtain, complete and submit the self-certification forms to their respective financial institutions.

The forms, according to a tweet thread from the verified account of the Government of Nigeria explained that the forms are required by the relevant financial institutions to carry out due diligence procedures in line with the Income Tax Regulations 2019.

Three categories of forms for entities, individuals and controlling person (individuals having a controlling interest in a legal person, trustee, etc) are said to be available

“Failure to comply with the requirement to administer or execute this form attracts sanctions which may include monetary penalty or inability to operate the account.”

It is not yet clear how the self-certification process differs from the bank verification number (BVN) and national identification number (NIN).

The BVN is a prerequisite to owning a bank account and it is used to link all bank and pension accounts owned by an individual.

The NIN is also another form of identification introduced by the federal government and is a prerequisite for getting an international passport.

The National Identity Management Commission (NIMC) currently harmonising the NIN and BVN and has set a five-year target to register all Nigerians after a $430 million World Bank Loan for the Nigeria digital identification for development project.

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