CENTRAL BANK OF NIGERIA RAISES ALARM OVER BVN

The ongoing enrolment of Bank Verification Number BVN is experiencing apathy from banking customers, despite the extension given. Out of the 52 million active bank accounts in Nigeria, total BVN  enrollment stood at 20 million, and only 14 million have been linked to BVN accounts says The Central Bank of Nigeria (CBN). Another interesting trend the CBN said “also showed that after the initial rush between the end of June and July 2015,  there has been a steady decline in new BVN enrolment figures for August and September, 2015. The emerging scenario therefore, strongly suggests that many bank account holders have continued to show apathy instead of taking advantage of the extension period.”
Customers without the BVN risk having their accounts restricted from normal operations or having free access to it.

The Central Bank of Nigeria (CBN), in collaboration with the Bankers’Committee, introduced the Bank Verification Number (BVN) on February 14, 2014.
This initiative of the Bankers’ Committee is aimed at ensuring unique identity for all bank customers and other users of financial services in the country by the use of the customers’ biometrics as means of identification.