Ahead October 31, 2015 deadline for all bank customers to enroll on the Bank Verification Number (BVN) platform, the Central Bank of Nigeria (CBN) has revealed that 19 million customers have enrolled on the platform.
The CBN Deputy Director, Banking and Payments System Department, Mr. Musa Jimoh, disclosed this during the Finance Correspondents Association of Nigeria (FICAN) Bi-Monthly Forum.
He advised bank customers who were yet to enroll on the BVN platform to comply as there wouldn’t be shift. Customers who fail to comply risk being stopped to operate their accounts, he said. The BVN would also allow the industry to determine the actual number of bank customers in the country.
He emphasized 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.
The BVN, which is an initiative of the CBN and the Bankers’ Committee, was launched on February 14, 2014. It is a unique identifier for each bank customer across the financial industry, making it possible to build and track customer financial history and activity. This will allow banks access to more reliable information that could inform decisions on customer loan and credit applications and other complex transactions.