This occurs when the investor's KYC cannot be updated because the investor's BVN fails validation. This failed validation happens when:
⚠️
1. The BVN is not correctly linked to the investor’s bank account on the NIBSS database.
2. The BVN or Bank account is invalid.
Until the BVN validates successfully, the account remains suspended from trading in line with SEC requirements .
Step-by-Step Resolution
1. As brokers, advise the investor to visit or contact their bank.
2. The bank should link the investor’s BVN to their bank account number.
3. The bank must ensure that the update reflects on the NIBSS database (not only on their internal system).
4. Once updated, retry the KYC update and it should validate successfully.
✅
Ensure that the Bank details and BVNs provided are valid and that the investor's bank has updated the NIBSS database after updating their in-house systems