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Thursday, February 22, 2024

BVN has no expiration date -CBN

The Central Bank of Nigeria has said the bank verification number it issues in collaboration with Nigeria Inter-Bank Settlement System does not have an expiry date.

The apex bank, in a statement posted on its verified Twitter page, debunked reports that the BVN expires after 10 years of issuance.

The Bank Verification Number (BVN) is an 11-digit unique identity for each individual across the Nigerian Banking industry. The BVN ensures you can engage securely in transactions at any Point of Banking operations in Nigeria.

To own and operate a banking account in Nigeria, you must first have a bank verification number.

CBN spokesperson, Isa Abdulmumin, in a statement said, “The attention of the Central Bank of Nigeria has been drawn to reports suggesting that the Bank Verification Number issued by the Bank in collaboration with the Nigeria Inter-Bank Settlement System expires after a ten-year period.

“Contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life.

“However, 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 CBN further urged bank customers, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.

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