CBN extends BVN registration for Nigerians in Diaspora

Nigerian banks’ customers in the diaspora have until June 30, 2016 to get their bank verification number, (BVN), according to the new extension by the Central Bank of Nigeria, (CBN). The new deadline by the apex bank was which was contained on its website cbn.gov.ng, on Thursday, February 4, stated that it became necessary to extend the BVN registration date for Nigerians in the diaspora due to low responses from the affected banks’ customers. According to the bank, the BVN registration exercise has recorded a low turnout due to inadequate information and lack of accessibility to registration centres in some countries with large Nigerian populations, according to a survey it conducted. As a way of ensuring compliance, the bank said it has published detailed addresses of the BVN registration centres in countries of their residence to make it easier for customers to register. The Bank Verification Number (BVN) project is an initiative aimed at protecting bank customers and further strengthening the Nigerian banking system. The CBN introduced BVN to all banks’ customers to address the absence of unique identifier across the Nigerian Banking Industry. The BVN is a number that enables a bank customer to have a single identity in the banking system. The full implementation was expected to enhance the effectiveness of KYC requirement, the safety and reliability of the payments system.