Central Bank extends BVN registration indefinitely

The Central Bank of Nigeria (CBN) on Tuesday issued a directive to all banks to continue indefinitely the register for the Bank Verification Number (BVN) with  their customers.

In a statement signed by the apex bank’s director (Corporate Communications), Ibrahim Mu’azu, the CBN said although the time frame for the initial enrolment had elapsed, the exercise should go on indefinitely.

''Account holders who are yet to obtain their BVN are enjoined to visit their banks and do the registration,''  Mu’azu said. ''There are two steps to the BVN process. The first step is to obtain a BVN while the second step requires the account holder to link the BVN with his or her bank account(s). The BVN is neither a payment instrument nor an account number and therefore cannot be used to access any account by unauthorised users.''

The CBN also stated that an individual could enroll for a BVN without necessarily having a bank account. Such individual can thereafter submit the acquired BVN at any bank he or she wishes to open an account.

Mu’azu added that the process had been further simplified such that bank account holders can now register and link their BVN to their accounts in one location, irrespective of the banks in which they have those accounts.