BVN Sadly, many Nigerians are yet to partake in the
exercise and worse still Ibrahim Muazu, the
director, corporate communications department,
Central Bank of Nigeria, says the deadline will not
be extended.
The director, Corporate Communications, CBN,
Ibrahim Mu’azu, in a chat with Leadership , said
that the window was open for one and a half
years and customers had ample opportunity to
According to him, as at the last check over 14
million bank customers have already registered.
The greatest fear on the minds of Nigerians that
are yet to carry out the exercise, is that they will
lose access to their accounts but fear not, you
Muazu has assured that even without the BVN,
bank customers will still have access to their
accounts, he however listed out three
implications the implications of not enrolling for
the exercise.
1. Services/facilities (internet/mobile banking,
loans etc) will have some restrictions
2. Transactions valued at N100,000,000.00
(One hundred million Naira) and above will
only be allowed for customers with BVN
3. Loan applications will be rejected.
In case you didn’t know, the bank verification
number was introduced majorly to solve identity
management challenges in the banking sector.
The bank verification number gives every bank
customer a unique identity across the banking
industry, since it has a centralised biometric
identification system which can be used for every
identification and verification at Point of Banking
Here are some benefits of having a bank
verification number:
1. Your Bank Accounts are protected from
unauthorized access
2. Your BVN gives you a unique identity that
can be verified across the Nigerian Banking
Industry (it is not peculiar to one Bank)
3. Your BVN is accepted as a means of
identification across ALL Nigerian Banks
4. Its cuts down fraudulent activities on bank
5. Gives easy access to Banking operations
If you don’t know how to get your Bank
Verification Number BVN, just walk into any bank
of your choice to make enquiries and get it done