The Central Bank of Nigeria (CBN) says the bank verification
number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement
System (NIBSS) does not have an expiry date.
The apex bank, in a statement posted on its verified Twitter
page on Thursday, debunked reports that the BVN expires after 10 years of
issuance.
The BVN is an 11-digit number that is unique to each
individual, but the same across all bank institutions for the same individual.
To own and operate a banking account in Nigeria, you must
first have a bank verification number.
“The attention of the
Central Bank of Nigeria (CBN) has been drawn to reports suggesting that the
Bank Verification Number (BVN) issued by the Bank in collaboration with the
Nigeria Inter-Bank Settlement System (NIBSS) expires after a ten-year period,”
the statement signed by Isa Abdulmumin, CBN spokesperson, reads.
“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.
“However, 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.”
The CBN further 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.
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