Fidelity Bank Plc has issued a crucial directive to its customers, announcing that from January 1, 2026, any bank account not linked to a Tax Identification Number (TIN) or National Identity Number (NIN) will face restrictions on transactions. This move is a direct response to the provisions of the Nigerian Tax Administration Act (NTAA) 2025, which mandates all bank accounts in the country to be connected to a valid identification number for tax purposes.
Understanding the New Mandate and Its Implications
The bank's announcement clarifies the legal framework driving this change. The NTAA 2025 requires that every bank account must be linked to a Tax Identification Number (TIN). For customers who do not have a TIN, such as those not currently engaged in taxable activities, linking their National Identity Number (NIN) to their bank account is the mandatory alternative. Failure to comply with this requirement by the stipulated deadline will result in customers being unable to perform transactions on their accounts, effectively limiting access to their banking services.
In a message circulated to its customer base, Fidelity Bank emphasized the urgency of the situation, urging clients to update their records promptly to ensure uninterrupted access. The bank stated that this step reflects both adherence to government policy and its commitment to maintaining secure and properly regulated financial operations within Nigeria.
How to Update Your NIN or TIN with Fidelity Bank
To facilitate a smooth transition for its customers, Fidelity Bank has provided multiple, convenient channels for submitting or updating NIN information. Account holders can choose the method that best suits them from the following options:
- Visiting the dedicated NIN portal on the official Fidelity Bank website.
- Using the USSD code *770*02# by dialing it from the phone number linked to their bank account and following the on-screen prompts.
- Visiting any Fidelity Bank branch nationwide for in-person assistance.
The bank's notice explicitly reads: "This means that accounts without a Tax ID or NIN may be restricted from transacting from January 1, 2026. To ensure your account remains accessible, please update your NIN on your account as soon as possible."
Government's Push for Comprehensive Tax Compliance
This directive from Fidelity Bank is not an isolated action but part of a broader federal government initiative to enhance tax compliance and financial system transparency. Taiwo Oyedele, Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, has confirmed that the NTAA 2025 provides the necessary legal backbone to enforce this rule across all financial institutions starting in 2026.
The Act, specifically Section 4, mandates that all taxable individuals—including those earning income through trade, business, or other economic activities—must obtain a TIN. This system is designed to help both the government and banks track taxable economic activities more efficiently, broadening the tax net and ensuring fairness.
It is worth noting that a similar framework was initially introduced under the 2020 Finance Act but faced implementation challenges due to regulatory gaps. The newly enacted 2025 Act addresses these shortcomings, creating a clear and enforceable legal pathway for compliance from the beginning of 2026.
While the law aims for wide-reaching compliance, it also includes exemptions. Reports indicate that from 2026, workers earning the national minimum wage or an annual income below N800,000 will not be required to pay tax. Additionally, the wages and salaries of military personnel are fully exempt from taxation.
