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Bank Verification Number Registration: CBN Extends Deadline To Oct. 31

GodwinCBNThe Central Bank of Nigeria (CBN) has extended the registration for the Bank Verification Number (BVN) for all customers till October 31, 2015.

Chaos ruled in most banks’ premises on Monday as hundreds of customers besieged banks to beat the June 30, 2015 deadline for the BVN registration which was earlier billed to expire on Tuesday.

Also, customers with more than one bank account in separate banks were also seen with pieces of white papers with the banks where they registered writing their unique BVN numbers to take to other banks to key in. A customer is only expected to register at one bank, irrespective of the number of accounts he has.

The BVN, a central bank initiative, which was launched in February 2014, is supported by the Bankers’ Committee. It is aimed at protecting bank customers and further strengthen the Nigerian banking system. It was among other things, introduced to address the safety of customers’ funds, avoid losses through compromise of personal identification numbers and other criminal activities in the industry.

The BVN is a unique number that enables one person to have a single identity in the banking system. It basically ensures that a customer’s identity is not stolen.

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