Central Bank of Nigeria, CBN has informed all Deposit Money Banks, DMBs customers who are yet to enrol for their Bank Verification Numbers, BVN not to expect further extension of the October 31st fresh deadline set for the conclusion of the exercise.
CBN Deputy Director, Banking and Payments System Department, Mr. Musa Jimoh who stated this recently during an interactive session with Journalists in Abuja explained that the BVN initiative brings such critical benefits to the finance sector that the CBN was eager to finally see it begin and thus would no longer extend the registration period for the exercise.
He emphasised that there would be no hiding place for people who use multiple identities to perpetrate fraud in the industry after October 31 2015 when all bank customers are expected to have their BVN.
Jimoh said, “With BVN, there would be no hiding place for those people who want to commit fraud. When the cut- off, deadline comes, any persons who have no BVN would discover that they would not be able to deposit into or make withdrawals from their accounts. It would also no longer be possible for them to delinquent debtors to continue piling up bad debts in several banks using different identities.
This is because after October 31 every bank customer is expected to have a BVN and with it any customer that refuses to repay his debts to a particular bank would not be able to use a different name to open a new account without another bank.”
Besides, he said that with the BVN project, the industry would find it a lot easier determining the actual number of bank customers in the country.
He said that the number of bank customers that had so far enrolled on the BVN platform had risen to 19 million.
It would be recalled that the CBN had extended the initial June 30, 2015 deadline for the BVN registration by four months to October 31, 2015 after most customers failed to beat the initial deadline to register for the exercise. Indeed, 72 hours to the expiration of that deadline, bank branches across the country were overwhelmed by the large number of customers who had waited until the last minute to get registered.
The CBN had explained that the deadline had to be extended to give bank customers more time to participate in the enrolment exercise. Interestingly, the CBN also stated that the extension would allow it to issue new guidelines for BVN registration of Nigerians in the Diaspora.
Meanwhile, UBA has advised its customers who want to register, to kindly visit any UBA Business office near and request to be registered.
With less than two months to the expiration of the deadline, a tier 1 DMB, United Bank of Africa, UBA has notified its customers about the new deadline, which it regarded as an opportunity for its Nigerian, Diaspora and bank customers at large to register if they have not done so.
“For you esteemed customers who have registered with other banks, simply dial the short code *919*6# from phone with the registered number for SMS alert, enter the 11 digit BVN number in the space provided and send. You can also visit any UBA business office to submit your BVN to enable us link with your account or send a mail to [email protected], please remember to include the following: Your BVN; Account name; dully signed written instruction.

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