The Bank Verification Number (BVN) exercise ends today people.
Sadly, many Nigerians are yet to partake in the exercise and worse still Ibrahim Muazu, the director, corporate communications department, Central Bank of Nigeria, says the deadline will not be extended.
The director, Corporate Communications, CBN, Ibrahim Mu’azu, in a chat with Leadership, said that the window was open for one and a half years and customers had ample opportunity to register.
According to him, as at the last check over 14 million bank customers have already registered.
The greatest fear on the minds of Nigerians that are yet to carry out the exercise, is that they will lose access to their accounts but fear not, you won’t!
Muazu has assured that even without the BVN, bank customers will still have access to their accounts, he however listed out three implications the implications of not enrolling for the exercise.
- Services/facilities (internet/mobile banking, loans etc) will have some restrictions
- Transactions valued at N100,000,000.00 (One hundred million Naira) and above will only be allowed for customers with BVN
- Loan applications will be rejected.
In case you didn’t know, the bank verification number was introduced majorly to solve identity management challenges in the banking sector.
The bank verification number gives every bank customer a unique identity across the banking industry, since it has a centralised biometric identification system which can be used for every identification and verification at Point of Banking Operations.
Here are some benefits of having a bank verification number:
- Your Bank Accounts are protected from unauthorized access
- Your BVN gives you a unique identity that can be verified across the Nigerian Banking Industry (it is not peculiar to one Bank)
- Your BVN is accepted as a means of identification across ALL Nigerian Banks
- Its cuts down fraudulent activities on bank accounts
- Gives easy access to Banking operations
If you don’t know how to get your Bank Verification Number BVN, just walk into any bank of your choice to make enquiries and get it done today.
I don’t have Bvn and they opened an account and that same day the blocked my account,what should I do
Comment: if close my account should i do another bvn
thank you for the information.
What happens to those in the Diaspora who have accounts and are unable to afford coming to Nigeria, for now, or to get this blessed Verification Pin. Is anyone thinking about this?
how are people abroad supposed to do this
This just in The BVN deadline has been extended to October 31 2015. So have no fear. But do not relent, the deadline is only 4months from now.
Thank you for sharing this, i have told many of my friends that they will have access to thier but not many of them will listen. They are stucked in the bank right now.