CBN Extends BVN Registration

UBA

The CBN has announced an extension to the compulsory Bank Verification Number, BVN registration exercise. In a press release signed by Dipo Fatokun Director, Banking & Payments System Department, he said the new date for all customers to register has been extended to the 1st of January, 2016.

See statement below:

“You will recall that, as part of its efforts towards ensuring full implementation of the BVN Project, the Central Bank of Nigeria released the guidelines for the enrolment of Nigerian banks’ customers in diaspora in August, 2015. This move was to ensure that the Nigerian banks’ customers in diaspora were carried along on the BVN project”.

The CBN said “In order to fully realize this objective, the Bank Issued a Circular, extending the deadline for the registration of the Nigerian banks’ customers in diaspora to January 31, 2016. A survey at the end of January 2016, revealed a very low percentage of registration and the exercise was further extended to 30th June, 2016”.

“The Bank observed the need to expand the geographical spread of registration centres, therefore, a new consultant, Avante international Technology Inc. was engaged to join OIS and VFS in the registration of Nigerian bank customers in diaspora. The combined effort of the Consultants and some Nigerian banks abroad has greatly accelerated the enrolment of this category of banks’ customers”.

The CBN said “Consequently, to ensure that all Nigerian bank customers in diaspora are enrolled, the BVN enrolment for Nigerian banks’ customers in Diaspora is hereby reopened for the next five (5) months, that is, lst August to 31st December 2016”.

“Please note that from 1st January 2017, all Nigerian bank customers in diaspora should have the BVN attached to their accounts. Any bank customer without the BVN will be deemed to have “Inadequate KYC” and such an account will be operated as a “NO CUSTOMER INITIATED DEBIT” account, until the account holder obtains and attaches a BVN to the account”, statement said.

Disclaimer
Content on this site, including news, quotes, data and other information, is sourced by PageOne.ng from official and public sources and other third party content providers for your personal information only, and is not intended for trading purposes. Content on this site is not appropriate for the purposes of making a decision to carry out a transaction or trade. Nor does it provide any form of advice (investment, tax, legal) amounting to investment advice, or make any recommendations regarding particular financial instruments, investments or products.