CBN extends BVN registration for Nigerians in Diaspora

– CBN extends BVN registration for
Nigerians in diaspora to June 30
– Publishes detailed addresses of the BVN
registration centres in countries
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.