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Why CBN Extended BVN Enrollment

The Central Bank of Nigeria (CBN) has extended the timeline for Nigerian bank customers in the Diaspora to enroll for their Bank Verification Numbers (BVN) to January 31, 2016.

This is contained in statement by the Bank’s Director, Corporate Communications, Mr Ibrahim Mu’azu, on Monday in Abuja.

It explained that the extension was to enable the customers in Diaspora to complete the enrollment as well as link the BVN to their respective accounts.

It stated that the extension was only for customers in the Diaspora and advised Deposit Money Banks (DMBs) to ensure that the exemption was utilized by the targeted group only.

“The CBN has also expressed satisfaction with the progress made in the implementation of the BVN project, especially for accounts operated by residents of Nigeria.

“However, with the expiration of the Oct. 31 enrollment deadline, the CBN has directed that bank accounts of Nigeria residents without the BVN would henceforth be operated as `no customers initiated debit’.

“That is until the account holders obtain and attach BVNs to the accounts. This means that a customer may not be allowed to withdraw money from his or her account until the BVN has been acquired and linked to the account,” it stated.

The statement clarified that accounts of Nigeria residents without BVN would continue to receive cash and electronic credit inflows and would neither be deactivated nor confiscated.

Credit: Vanguard

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