Banks To Deny 14.6Million Customers Banking Service From July 1, Find Out Why

share on:
FG Takes Ownership Of Funds Held In Bank Accounts Not Linked To BVNs

As from Wednesday July 1, 2015, Deposit Money Banks, nationwide may start denying about 14.6 million customers access to banking services.

CBN Governor

This, according to the Bankers’ Committee of the Central Bank of Nigeria (CBN), was attributed to their inability to comply with the obtaining of the compulsory Bank Verification Numbers (BVNs).

The BVN initiative which started in February 2014, mandates all customers to do biometric registration and obtain BVN; a unique number for proper identification.

According to the Punch, statistics from the Enhancing Financial Innovation and Access shows about 28.6 million adults in the country have bank accounts.

The Bankers’ committee further divulged that the exercise, which formally closes on Tuesday, June 30, has registered 14 million customers as at June 11, 2015.

These figures imply that about 14.6 million bank customers are yet to obtain BVNs.

Statistical analysis from the Electronic Payment Providers Association of Nigeria also indicates that the number of bank account holders – individuals, including children, and organisations – has reached 76 million in contrast to the official population of 170 million people in the country.

The Managing Director, United Bank for Africa Plc, Phillips Oduoza said: “We also discussed the electronic banking space. In the area of BVN, we have done 12.5 million customers and this is a substantial mileage. There is still a need to close the gap before the deadline of June 30 and any customer that hasn’t done so will not enjoy banking services.’’

It was learnt that customers nationwide now engage in last-minute rush to register for BVN before the deadline looms.



I am but your herald boy in the art of the pen.. An eccentric Environmental Biologist smouldered in the glorious epiphany of online journalism. If you ever find my article unduly insipid, sue me and i’ll refund you...

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.