Central Bank of Nigeria, CBN, has given further extension to Nigerian bank customers to be captured in the Bank Verification Number, BVN, introduced in the country’s banking system as part of ‘know your customer’ (KYC) guideline.
This was made known yesterday in a circular released in the apex bank’s website signed by director of Banking and Payment System Department, Dipo Fatokun, with number BPS/DPD/GEN/CIR/01/002 and addressed to all Deposit Money Banks/general public.
The apex bank in the release explained that the extension of BVN for Nigerian banks customers in Diaspora was to ensure that no customer was left out in the exercise.
According to Fatokun, “To ensure that all Nigerian bank customers in Diaspora are enrolled, the BVN enrolment for Nigerian banks customers in Diaspora is hereby reopened for the next five months that August 01 to December 2016.”
He, however, reiterated that from January 2017, all Nigerian bank customers in Diaspora should have the BVN attached to their accounts, and any bank customer without the BVN would be deemed to have inadequate KYC and such an account would be operated as a ‘NO CUSTOMER INITIATED DEBIT’ account until the account holder obtains and attaches a BVN to the account.
It would be recall that as part of its efforts towards ensuring full implementation of the BVN project, CBN released the guidelines for the enrolment of Nigerians bank customers in Diaspora in August 2015.
This move was to ensure that the Nigerian banks customers in Diaspora were carried along on the BVN project.
Also, in order to fully realise this objective, the bank issued a circular extending the deadline for the registration of Nigerian bank customers in Diaspora to January 2016; but a survey at the end of January 2016, revealed a very low percentage of registration and the exercise was further extended to June 30, 2016.
CBN also explained that after observing the need to expand the geographical spread of registration centres, a new consultant – Avente International Technology INC – has been engaged to join OIS and VFS in the registration of Nigerian bank customers in Diaspora.
The bank averred that combined efforts of the consultants and some Nigerian banks abroad would greatly accelerate the enrolment of this category on bank customers.


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