Nigerian Banks Set To Deactivate Unregistered Accounts As BVN Deadline Looms

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

Nigeria’s Apex Bank, CBN has ruled out any possibility of extending the deadline for Bank customers that are unable to obtain their bank verification numbers (BVNs) before the close of business today, Friday, October 30, 2015.

READ ALSO: No Extension Of Deadline For BVN Registration – CBN Warns

Meaning, any customer who is unable to obtain a BVN after today will not be able to operate his/her account again.

Bear in mind, the CBN in collaboration with the Bankers’ Committee had introduced the BVN on February 14, 2014, an initiative aimed at ensuring unique identity for all bank customers and other users of financial services in the country.

At the expiration of the initial estimated 18 months after the launch, a good number of bank customers were reluctant in registering, which led to commotion and stampede in banking halls across the country towards the end of the previous deadline. That confusion necessitated the call for the extension of the registration dateline by four months to October 31.

READ ALSO: Registration Number: Hurry!! Check Your BVN On Phone In 5 Seconds

Data from the Nigeria Interbank Settlement System Plc (NIBSS), showed that 20,833,635 bank customers had enrolled as at October 25, 2015.

“Given the tradition of multiple accounts holding by an average Nigerian, which could be conservatively estimated at about two or three per an account holder, therefore, it could be safely assumed that over 40 million accounts might have been enrolled to BVN,” the central bank explained on Thursday

Furthermore, some Nigerian banks’ customers in the Diaspora have taken advantage of more facilities provided for enrolment in more locations abroad.



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