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CBN Speaks On BVN Expiry Date, Gives Clarification
The Central Bank of Nigeria (CBN) has cleared the air over its stands on the Bank Verification Number (BVN Expiry Date) that is issued in collaboration with Nigeria Inter-Bank Settlement System (NIBSS).
BrandNewsDay reports that the apex bank, in a statement, disclosed that BVNs have no expiry date, CBN made this known on its verified Twitter page on Thursday, debunked that the BVN expires after 10 years of issuance.
This online news platform noted that 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.
BVN Expiry Date
“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.”
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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.
