CBN Provides Important Update on BVN Expiration: What You Need to Know

The Central Bank of Nigeria (CBN) has recently released a significant update regarding the expiration of Bank Verification Numbers (BVNs). Addressing the concerns of many Nigerians, the CBN has provided crucial information that sheds light on the topic and clarifies any misconceptions.

Contrary to previous reports suggesting a ten-year validity period for BVNs, the CBN has firmly stated that BVNs issued in Nigeria do not have an expiry date. This clarification comes as a relief to numerous individuals who were anxious about the potential expiration of their BVNs and the implications it might have on their banking activities.

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The BVN system, established in collaboration with the Nigeria Inter-Bank Settlement System (NIBSS), was introduced by the CBN in 2014 as a robust measure to combat fraud, identity theft, and money laundering in the Nigerian banking sector. It requires customers to register their biometric data, including fingerprints and photographs, creating a secure and verifiable means of identification.

According to a statement by Isa AbdulMumin, Ag. Director of Corporate Communications at CBN, once a customer’s biometrics have been captured and enrolled in the NIBSS database, the BVN remains valid for life. The CBN’s Regulatory Framework for BVN, implemented in 2021, permits customers to modify their records only under specific conditions outlined in the document, subject to approval by relevant authorities.

The recent announcement from the CBN urges all bank customers, especially those who have already enrolled their biometrics, to continue using their unique BVNs throughout their lifetime. This directive aims to ensure seamless banking operations and reaffirms the CBN’s commitment to maintaining a secure and efficient financial ecosystem in Nigeria.

As customers navigate the banking landscape, it is essential to stay informed about any updates or changes in BVN regulations. By adhering to the guidelines set by the CBN and promptly reporting any concerns or discrepancies related to BVNs, individuals can contribute to the overall integrity and stability of the Nigerian banking sector.

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The CBN’s commitment to enhancing Nigeria’s financial infrastructure includes the implementation of robust security measures. Against this backdrop, the BVN system plays a vital role in safeguarding the integrity of the banking sector, ensuring traceability and security in financial transactions.

Finally, the recent update from the CBN clarifies that BVNs issued in Nigeria do not expire. This announcement provides assurance to customers, reinforcing their confidence in the BVN system. As the CBN continues to prioritize the protection and efficiency of the Nigerian banking sector, the BVN remains an integral part of its efforts to combat financial crimes and ensure a reliable banking experience for all.

Source: tribuneonlineng.com

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