Sunday , May 26 2024
CBN Debunks Reports on BVN Expiry Date

CBN Debunks Reports on BVN Expiry Date

The Central Bank of Nigeria has debunked the reports stating Bank Verification Number, BVN issued in Nigeria expiring after 10 years.

The Apex Bank said that the Bank Verification Number (BVN) issued in collaboration with Nigeria Inter-Bank Settlement System does not have an expiry date.

The apex bank revealed this in a document signed by its Acting Director, Corporate Communication, Isa AbdulMumin, Wednesday night.

According to the bank, the insinuation that the BVN expires after 10 years of issuance is incorrect. With the BVN programme taking off in 2014, the video circulating on WhatsApp said most Nigerian depositors would need to update their BVNs next year.

Also Read: CBN Debunks Reports on BVN Expiry Date

“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.”

It added that 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 bank implores all bank users across the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers,  adding that “they last their entire lifetime.”

 

About Bukola Olanrewaju

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