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Sunday, May 19, 2024

BVN Has No Expiry Date – CBN

Central Bank of Nigeria (CBN) says, the Bank Verification Number (BVN) it issues in collaboration with Nigeria Inter-Bank Settlement System (NIBSS), has no expiry date.

The Apex Bank debunked reports that the BVN expires after 10 years of issuance in a statement posted on its verified Twitter page on Thursday.

“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.

“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,” CBN spokesperson, Isa Abdulmumin said.

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.

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.

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