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BVN: No Going Back On Oct 31st Registration Deadline-CBN

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The Central Bank of Nigeria (CBN) has said that there is no going back on the Oct. 31th deadline set for bank customers to obtain their Bank Verification Numbers (BVN).

This was reiterated by the Director, Banking and Payment System Department (BPSD) of CBN, Mr Dipo Fatokun, during a chat with journalists on Wednesday in Abuja.

He said, “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.

Fatokun explained that bank customers who had not enrolled for BVN at the deadline, would be unable to access their accounts.

“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.’’

The BVN is a policy introduced by the CBN to offer security and forestall hacking into people’s accounts through internet fraud.

It gives each Bank customer a unique identity across the Nigerian Banking industry that can be used for easy identification and verification at Point of Banking operations.

It was inaugurated in February 2014 with the aim of protecting customers’ accounts from unauthorised access, to reduce the incidence of theft.