Connect with us

    Hi, what are you looking for?

    E-Financial

    BVN Issued in Nigeria has no Expiry Date – CBN

    BVN

    Central Bank of Nigeria (CBN) has said 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, Dr Isa AbdulMumin, acting director corporate communications department, CBN, 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.

    Spread the love
    Click to comment

    Leave a Reply

    Your email address will not be published. Required fields are marked *

    ad

    You May Also Like

    Oil and Gas

    Leading oil and gas experts in Nigeria have called for the full adoption of digital technologies to overcome the complex challenges facing the country’s...

    News

    Russia’s Finance Ministry announced on Wednesday, September 24, that it plans to raise the country’s value-added tax (VAT) to help finance the ongoing war...

    Tech

    Lagos State has reaffirmed its position as Africa’s leading technology and innovation hub following the successful hosting of the GITEX Nigeria Tech Expo, Future...

    News

    The United States has reversed its visa restrictions on Ghana after the West African country agreed to accept west Africans deported by the United...