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Panic As BVN Registration Ends

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The Bank Verification Number (BVN) registration is set to close tomorrow, 30th June, 2015 and all bank users have been mandated by the Central Bank of Nigeria to register in order to continue bank transactions within the country.

 But out of the over twenty eight million bank users recorded by the CBN, only about half of the number have successfully registered for the BVN, prompting panic amongst bank users, as most banks have refused further registration.

Contrary to the demand of some Nigerians, Nigerian Inter Bank Settlement System (NIBSS) has stated that there are no plans to extend the registration.

Speaking on the deadline of the registration, Mr. Ade Shonubi, Managing Director of NIBSS, said there is no going back on the deadline set for the exercise.

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“As I am talking to you, banks are putting finishing touches to the registration. I am also hopeful that the target of 100 percent compliance will be met tomorrow.  Just as most projects, you start slow but as time goes on, it picks up. The number of enrolment doubles every week. So, given the number of BVNs generated so far, I think June 30 is achievable” He said.

Unregistered customers are however urged to register today as failure to do so will lead to inability to use banking services.

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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.

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