BVN: CBN Extends Enrolment for Diaspora Bank Customers

Tue, Nov 3, 2015
By publisher
2 MIN READ

BREAKING NEWS, Business

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The Central Bank of Nigeria extends enrolment for the bank verification number for Diaspora Bank Customers. Accounts for customers in Nigeria who have not complied will remain active but no withdrawals without the bank verification number, according to the Central Bank of Nigeria

HEEDING the call of Nigerian Bank customers in the Diaspora, the Central Bank of Nigeria, CBN, has extended the timeline for Nigerian bank customers in the Diaspora to enroll for their Bank Verification Numbers, BVN, to January 31, 2016.

A statement made by Ibrahim Mu’azu, director, Corporate Communications, CBN, explained that the extension was to enable the customers in the Diaspora complete the enrolment exercise as well as link the BVN with their respective accounts.

While emphasising that the extension was only for customers in the Diaspora, the statement advised Deposit Money Banks, DMBs, to ensure that the exemption was utilized by the targeted group.

Meanwhile, the CBN has also expressed satisfaction with the progress made in the implementation of the BVN project, especially for accounts operated by residents of Nigeria.

However, with the expiration of the October 31, enrolment deadline, the CBN has directed that bank accounts of Nigeria residents without the BVN would henceforth be operated as “N0 Customer Initiated Debit” account, until the account holders obtain and attach BVNs to the accounts. This means that a customer may not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account.

The CBN statement clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated. It therefore advised the deposit money banks to educate their customers accordingly.

It also advised the banks to remind their customers of the need to link their BVN with their accounts if they had done the enrolment at another bank.

It will be recalled that the CBN had issued a statement stipulating that any bank customer without the BVN by October 31, 2015, would be deemed to have inadequate Know Your Customer, KYC, requirements.

— November 3, 2015 @ 2:40 GMT

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