Business
CBN Clears Air on ‘BVN expiry date’
The Central Bank of Nigeria has clarified that Bank Verification Number, BVN, has no expiry date contrary to claims making the round.
The apex bank’s explanation came amid speculations that the BVN has a ten years lifespan.
Debunking the claims on Wednesday, the CBN acting Director Corporate Communications Department, Dr Isa AbdulMumin, said “Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.”
He explained that the Regulatory Framework for BVN issued by CBN in 2021 requires that customers can update their records on the conditions spelt out in the document.
According to him, Nigerians captured on BVN should not panic but continue using their unique identifiers.
In perspective, CBN, with the Nigeria Inter Bank Settlement System (NIBSS), launched the BVN project on 14th February, 2014, to capture the identity of all banks’ customers.
According to Godwin Emefiele in a recent engagement, Nigerians with BVN rose to 57 million.
