At Timon, we prioritise the security and efficiency of our services while adhering to Nigerian regulatory standards. One common inquiry from our prospective customers is whether it's possible to establish an account without both a Bank Verification Number (BVN) and a National Identification Number (NIN). If you’re one of them, here’s what you need to know:
Understanding BVN and NIN
A Bank Verification Number (BVN) is an 11-digit unique identifier issued by the Central Bank of Nigeria (CBN) to each bank account holder. It serves to verify individual identities and enhance the security of financial transactions.
A National Identification Number (NIN) is a unique number assigned by the National Identity Management Commission (NIMC) of Nigeria. It acts as a primary identification method for Nigerian citizens and residents.
BVN and NIN: A Requirement for Timon Accounts
Yes, at Timon, both your BVN and NIN are mandatory for account creation. This requirement ensures compliance with regulatory frameworks and safeguards the integrity of your account.
Why Are Both Identifiers Essential?
Enhanced Security: By requiring both BVN and NIN, we can more effectively verify your identity, mitigating fraud and unauthorized access to your account.
Regulatory Adherence: The CBN mandates that financial institutions implement stringent Know Your Customer (KYC) protocols. Collecting both BVN and NIN enables us to fulfil these regulations comprehensively.
Streamlined Account Management: Having both forms of identification empowers us to assist you more efficiently with account-related enquiries or issues in the future.
If You’re Unsure About Having Both
Confirm Your BVN: Simply use the phone number you used to register your BVN and dial the code *565*0# to check your BVN.
Retrieve Your NIN: Start by calling *346# from your mobile device. Then give the system some time to handle your request.
What If You Don't Have Both?
If you haven't obtained a BVN or NIN, we recommend taking the necessary steps to acquire these identifiers, as they are prerequisites for account creation. Consider the following:
Obtaining a BVN: Register for a BVN through any bank in Nigeria. This process is typically straightforward and quick.
Getting a NIN: Apply for a NIN at designated NIMC offices or authorised agents. Ensure you have the required documentation for the application process.
While we recognise that acquiring both BVN and NIN may require time, these requirements are crucial for ensuring the security and integrity of your account.
At Timon, your security and satisfaction are our top priorities.