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Minister disclose plans to replace BVN with NIN
By Modupe Shodeinde
The Minister of Communications and Digital Economy, Dr Isa Pantami, has disclosed the Federal Government plans to replace Bank Verification Numbers (BVN) with the National Identity Numbers (NIN).
The Minister disclosed this during a briefing of newsmen after a facility tour and inspection of the ongoing NIN enrolment exercise at NIMC and other designated centres in Abuja.
He explained that he had briefed the National Economic Sustainability Committee headed by Vice President Yemi Osinbajo on the importance of replacing BVN with NIN.
The Minister pointed out that the BVN is a regulator’s policy, while the NIN is a law.
He said “I made a presentation to National Economic Sustainability Committee and I drew the attention of CBN Governor that we need to replace BVN with NIN because the BVN is a bank policy while NIN is a law.
“Because it has been established by law so the strength of the law wherever you go is not the same with a policy of one institution.
“Also, BVN is only applicable to those who have bank accounts but NIN is for every citizen and legal residents in the country. BVN is our secondary database while NIN and the database is the primary one in the country that each and every institution should make reference to NIMC.”
The Minister stated that the NIN is the primary identification all citizens and every other identification is secondary.
“The NIMC Act 2007 provides that all our citizens must be enrolled and the law gives them 60 days to enroll from the time the law was enacted and a maximum of 180 days and all permanent residents in the country and legal residents that have to stay here for a minimum of 24 months must be enrolled.” he added.
Pantami said discussions had been made with the CBN Governor on how to ensure citizens with BVN be provided with the NIN.
“We are working on that but facilitating the process lies on CBN to make it much easier for our people.”
