LAGOS, Nigeria (VOICE OF NAIJA)- The Central Bank of Nigeria (CBN) has said the Bank Verification Number (BVN) issued in Nigeria remains for life and has no expiry date.
CBN acting spokesman Isa Abdulmumin made the disclosure in a statement on 10 May.
“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 (NIBSS) expires after a 10-year period,” the apex bank noted.
“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,” It added.
CBN stressed, however, 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.”
It 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.
The BVN is an 11-digit number that acts as an individual’s universal ID in all banks in Nigeria. It ensures a customer can engage securely in transactions at any point of banking operations.
(NAN)
