CBN EXTENDS BVN REGISTRATION DEADLINE

BANKING:

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

The apex bank had earlier pegged the deadline to today June 30 but following the rush and inconveniences experienced by both commercial banks and Nigerians, the apex bank rescinded the decision to end the registartion today.

CBN Director, Banking and Payment System Department, Mr Dipo Fatokun, while disclosing this in a statement 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 said.

Many Nigerians heaved a sigh of relief as the the extension is expected to fast track smooth completion of the registration exercise.

The BVN is an initiative of the of the CBN which was launched in February 2014 and is being supported by the bankers’ committee.


The initiative was introduced to address safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the industry and also strengthen the Nigerian banking system. 

The BVN is a unique set of digits that enables a client or bank bank customer to have a single identity in the banking system. It ensures that a customer’s identity is protected.
A customer is expected to register at one bank, irrespective of the number of accounts he has.


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