It's true we must connect With BVN/NIN

Important Notice on Virtual Account Creation Requirements Dear Esteemed Partner, Providing you with a seamless payment experience is important to us; and to do this effectively, the security and continuous compliance of our service to regulatory bodies is of utmost importance. The Central Bank of Nigeria, released a circular recently, regarding virtual accounts issued to customers, specifically touching on KYC requirements on account creation / maintenance. Please click here to view the full circular. The key takeaways in the circular are as follows: 1. Every virtual account must be linked with either a Bank Verification Number (BVN) or National Identification Number (NIN). 2. For accounts that wish to enjoy the maximum transaction limit, both BVN and NIN must be linked to the account number. Action Required: 1. Update of existing accounts with BVN and / or NIN All merchants are required to update the details of all existing accounts with the customer’s BVN and/or NIN information. As indicated in the circular, all accounts not updated accordingly by January 31st, 2024 would be deactivated and payments to such accounts would be rejected. APIs to implement update accounts with this information are currently being developed and would be made available by Monday, 8th January, 2024. A preview of the API to update account details can be seen here. 2. Integration update to provide BVN and NIN on account creation. All merchants are required to update their integration to provide BVN and/or NIN when creating reserved accounts. Enhancements are currently being made to the account creation API and would be made available by Monday, 8th January 2024. Following this release, merchants shall have till Friday, 26th January, 2024 to make necessary changes to adapt to this new flow, after which account creation will not be possible without BVN or NIN. Click here to get a preview of the API updates. Kindly note that this does not apply to One Time Payment account numbers via API or Monnify Checkout page, but only applies to reserved account creation. We understand that this would require integration changes on your part and our team is fully committed to assisting you through this transition. For any queries or support, please do not hesitate to contact us at integrations-support@monnify.com We appreciate your prompt attention to this matter and your continued partnership. Together, we can ensure a safer and more compliant financial environment for all. Warm Regards. Monnify Team The contents of this email message and any attachments are intended solely for the addressee(s) and may contain confidential and/or privileged information and may be legally protected from disclosure. If you are not the intended recipient of this message or their agent, or if this message has been addressed to you in error, please immediately alert the sender support@monnify.com with a reply email and then delete this message and any attachments. If you are not the intended recipient, you are hereby notified that any use, dissemination, copying, or storage of this message or its attachments is strictly prohibited. Visit our website |Contact Support