The Central Bank of Nigeria (CBN) has made it clear that there would not be further extension when the October 31, 2015 deadline for the bank verification (BVN) elapses.This, according to the banking sector regulator means that customer without the BVN-linked accounts may risk being restricted from normal operations of their accounts or free access to their bank account balances by the end of next month.
It revealed that statistical trend of the BVN registration exercise showed with about 52 million active bank accounts in various banks, total enrolment stood at about 20 million, out of which about 14 million accounts have been linked to the BVN as at September, 2015.
The CBN, in collaboration with the bankers’ committee, introduced the BVN on February 14, 2014. This initiative of the bankers’ committee is aimed at ensuring unique identity for all bank customers and other users of financial services in the country by the use of the customers’ biometrics as means of identification.
“This confusion necessitated the call for the extension of the registration dateline by four months to October 31, 2015. What is required is for a bank customer to visit any branch of his bank and the desk officer would capture his finger print and a photograph of his face, his signature and demand for a photocopy of either of his driving license, national identity card or international passport of the customer.
Another interesting trend, according to the central bank showed that after the initial rush between the end of June and July 2015, there has been a steady decline in new BVN enrolment figures for August and September, 2015.
“The emerging scenario therefore, strongly suggests that many bank account holders have continued to show apathy instead of taking advantage of the extension period.
“The CBN has made it clear that there would not be further extension after October 31, 2015 deadline. This means that customer without the BVN-linked accounts may risk being restricted from normal operations of their accounts or free access to their bank account balances,” it added.
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