Customers without TIN can continue to run their bank accounts: Fidelity
Fidelity Bank has assured its customers that they do not need a new Tax Identification Number to operate their accounts, even as the 2025 Nigerian Tax Administration Act comes into effect today.
The bank, in a recent communication to customers, said existing TINs remain valid and that customers without a TIN can continue operating their accounts without restriction.
The bank advised customers to update their National Identification Numbers on their accounts.
The clarification came after an earlier warning from the bank on December 15, when it said accounts not linked to a TIN or NIN could face transaction restrictions starting January 1, 2026.
The bank cited provisions of the NTAA 2025 during the warning, which requires all bank accounts to be linked to a tax ID, with customers without a TIN required to link their NIN.
The TIN/NIN clarification is part of a broader tax law update signed in June 2025 in Nigeria.
The update said NIN would serve as the official tax identifier for individuals, while Corporate Affairs Commission registration numbers will serve that role for companies.
The law also changes the income levels at which people start paying tax, treats digital assets and foreign services as taxable, and imposes stricter reporting requirements and penalties for late filings.
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