No Extension of Deadline for BVN – CBN

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Dipo Fatokun

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The Central Bank of Nigeria says there will be no extension of the October 31, deadline for customers to do their bank verification number

THE Central Bank of Nigeria, CBN, has said that October 31, remains the deadline for bank customers to obtain their Bank Verification Numbers, BVN. Dipo Fatokun, director, banking and payment system department, CBN, re-affirmed this while speaking to journalists on Wednesday, October 7, in Abuja.

Fatokun said at the deadline, bank customers that had not enrolled for BVN would not be able to access their accounts. “Last week Friday the bankers communicated that there is no extension on the BVN. If you have not registered go and register and of course submit your BVN to your bank, no extension on the deadline of October 31.

“By November 1, if you don’t have a BVN you won’t be able to operate your account, but that does not mean that your money will be confiscated as some people have said. No, what it means is that you should go and do your BVN, once you do your BVN and you link it to your account, you continue to operate your account,” he said.

The CBN had on Tuesday, June 30, extended the deadline of the BVN registration to October 3. The apex bank disclosed this in a circular issued to all Deposit Money Banks operating in the country. It said since the registration exercise had in recent time elicited a lot of interests from customers of DMBs who have crowded the banks in the last few days, there is need to extend the deadline to ensure a smooth completion of the registration process.

The circular further stated that in view of the fact that a lot of Nigerians in the Diaspora may not be able to take advantage of the current registration process, a new guideline for their enrolment would soon be issued by the CBN.

The BVN is a unique identity number that can be verified across the Nigerian banking industry. It was inaugurated in February 2014 with the aim of protecting customers’ accounts from unauthorised access to reduce the incidence of theft and exposure to fraud.

— Oct 19, 2015 @ 01:00 GMT

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