Contrary to the claims in some quarters that customers who are not enrolled for the Bank Verification Number (BVN), after the June 30 deadline would be cut off from some services, the Central Bank of Nigeria (CBN) has clarified that account holders can still have access to cash transactions but the e-banking transactions would be restricted.
The Bank Verification Number is an initiative of the CBN and the Bankers’ Committee, launched on February 14, 2014which gives each bank customer a unique identity across the Nigerian banking industry.
The goal of the bank verification number is to uniquely verify the identity of each customer.
The CBN had last year issued a directive to all banks to ensure that their customers register for BVN before June 30th, 2015, so as to protect all e-banking transactions from fraudulent attacks.
Today, being the deadline for the enrolment, about 42 million customers are yet to be verified and may face transaction restriction, while some of these customers have pleaded for the extension of the deadline for enrolment, the Apex bank has said there would be no extension of deadline and that enough time and awareness has been given to customers to enroll for the BVN.
A text message from one of the banks read: “dear customer, accounts without BVN will soon be restricted. Enroll for/submit your BVN at any branch from Monday to Saturday”.
Reacting to the deadline date and the plea for extension, Ibrahim Muazu, director, corporate communications department, CBN, said; “Without BVN, you still have access to your cash but services/facilities (internet/mobile banking, loans etc) will have some restrictions”, Muazu said further.
Currently, only about 14 million out of about 76 million bank accounts have so far complied.