Tuesday, 30 June 2015

CBN Extends BVN Registration To October 31

The Central Bank of Nigeria (CBN) has extended the deadline for the registration for Bank Verification Number (BVN) to October 31.

CBN Director, Banking and Payment System Department, Mr Dipo Fatokun, while disclosing this in a circular issued today in Abuja said, “It has come to our notice that the BVN registration has elicited tremendous interest from the Nigerian bank customers who crowded the banking halls in order to beat the deadline.

“In view of the foregoing, it has become imperative for the banks to extend the timeline for all customers to have the BVN.

“The deadline for the enrollment is hereby extended from June 30 to October 31,’’ Fatokun stated

The extension is expected to facilitate a smooth completion of the registration exercise and as well give Nigerian bank customers in the Diaspora, ample time to register.

The BVN, a central bank initiative, which was launched in February 2014, is being supported by the bankers’ committee.
It is aimed at protecting bank customers and further strengthening the Nigerian banking system.

It was among other things, introduced to address safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the industry.

The BVN is a unique number that enables one person to have a single identity in the banking system. It basically ensures that a customer’s identity is not stolen.

A customer is only expected to register at one bank, irrespective of the number of accounts he has.

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