A Review of the Nigerian Energy Industry

CBN rules out BVN registration deadline extension

*Central bank of Nigeria.
*Central bank of Nigeria.

24 October 2015, Abuja – With the October 31, 2015, deadline set by the Central Bank of Nigeria (CBN) for all bank customers in the country to be registered under the Bank Verification Number (BVN) registration exercise a week away, the apex bank on Thursday called on all bank customers yet to be captured to do so, warning that there will not be another extension.

It would be recalled that the BVN exercise which had been on for over six months initially ended on July 30th, but was extended by additional three months following calls from many bank customers who could not register within the period

CBN’s Deputy Director, Consumer Protection Department, Hajia Khadija Kasim, who addressed stakeholders at a one-day CBN sensitisation fair in Ibadan, the Oyo State capital, appealed to those not yet captured under the exercise to ensure they do not miss out on the re-scheduled deadline, stating that there is no need for people to wait until the last day before they go for the registration

She said the BVN coupled with the cashless policy will go a long way to help the apex bank and other banks in the country tackle the issue of money laundering

She said, “The initial deadline was June 30th before we extended it to end of October. By now, we expect all Nigerians to go their banks before the expiration date and get their Bank Verification Number. Nigerians should come out and ensure that within the few days left for the registration, they are registered for the exercise.

While explaining how the cashless policy and biometric registration will help check money laundering and fraudulent transactions in the banking sector, she assured that the two policies which goes hand-in-hand will help make the identity of money launderers and fraud perpetrators easier to be detected.

“You will see some inter-relationship between our cashless policy and the need for us to have our bio-metrics. When you are now registered as a bank customer and your details are there, it will be very difficult for somebody to use that account for any fraudulent activities.
*Hussenat Ohize – Daily Times

In this article

Join the Conversation