Very soon you can't get your Money in the Bank without BVN

Have you gone for your Bank Verification Number (BVN)? Following the Central Bank of Nigeria (CBN) June 31 deadline for customers to register for their Bank Verification Number (BVN), many banks will from today, June 1, restrict their unregistered customers from using their accounts.

While some banks have placed restrictions on transfers from accounts without the BVN, some others have restricted the use of e-channels, Automated Teller Machines (ATMs) and over the counter withdrawals on accounts without the BVN.

The Central Bank of Nigeria had in October given a December 31, 2014, deadline for all credit customers to have the BVNs.

Also banks are expected to have enrolled 40 per cent of their customers before the end of 2014, 70 per cent on or before March 31, 2015, and have all customers on board by the end of June 31, 2015.

The BVN involves the registration of customers in the financial system using biometric technology to make their accounts more secure with unique identifiers such as fingerprint. It was introduced to reduce incidents of fraud and protect customer accounts from unauthorised access.

One of the banks in an email to customers stated that “Effective June 1, 2015, please note that you will not be able to transact with your card internationally at the ATM, POS or online without your Bank Verification Number.”

The BVN is an initiative aimed at protecting bank customers and further strengthening the Nigerian banking system. 

Go get your BVN today to avoid avoidable problems with your accounts.