BVN has no expiry date, says CBN

The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN) issued by the bank in collaboration with the Nigeria Inter Bank Settlement System (NIBSS) has no expiry date.

The central bank’s explanation came against the backdrop of misleading reports suggesting that the BVN would expire after a 10- year period.

However, in a statement, CBN acting Director, Corporate Communications Department, Dr. Isa AbdulMumin, said “Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.”

Nonetheless, AbdulMumin, further clarified that the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities

The apex bank, therefore, urged customers in the country, especially those whose biometrics had been captured by the system, to continue using their unique identifiers as they last their entire lifetime.

The apex bank in collaboration with the Bankers’ Committee, deployed a centralised Bank Verification Number (BVN) System in February 2014.

This was part of the overall strategy of ensuring effectiveness of Know Your Customer (KYC) principles, and promotion of safe, reliable and efficient payments system.

The BVN system gives each customer in the Nigerian banking industry, a unique identifier number.

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