CBN Speaks on BVN Expiring After 10 Years as Registered Bank Customers Rises to 57 Million
- CBN recently announced that it would close bank accounts not linked with a BVN to clean up the financial sector
- The announcement led to rumours that there is an expiration date for the Bank Verification Number (BVN)
- The CBN has now come out to clear the air just as the number of bank customers with BVN rises to 57 million
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The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN) issued in the country does not expire, amidst rumours suggesting a 10-year expiration period.
The clarification was a response to a trending video alerting Nigerians to the need to revalidate their BVN after 10 years of issuance., Punch reports.
With the BVN programme taking off in 2014, the video circulating on WhatsApp said most Nigerian depositors would need to update their BVNs next year.
Source: UGC
CBN clarifies claim of BVN expiration date
In a statement signed by Isa AbdulMumin, the apex bank’s acting director of corporate communications, said:
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“We want to make it clear that the BVN issued in Nigeria doesn't have a validity period, despite the assertions made by others.
"Once a customer's biometrics are registered and included in the NIBSS database, the BVN remains valid permanently.
"The Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities”.
The CBN urged bank customers to be wary of unverified news from questionable sources.
It said:
“Hence, we advise bank customers n Nigeria, particularly those whose biometric information has been recorded in the system, to use their unique identifiers as they last their entire lifetime."
Bank customers with BVN hit 57 Million
In another report, Legit.ng revealed that new data reveals that the number of bank customers in Nigeria with Bank Verification Numbers (BVN) grew to 57 million as of April 9, 2023.
The information was disclosed in the new BVN registration data made available by the Nigeria Inter-Bank Settlement System (NIBSS).
NIBSS data further revealed that there was over 500,000 new enrolments in the last three months of 2023.
Source: Legit.ng
