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BVN Registration Deadline Will not Be Extended: Central Bank

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The Central Bank of Nigeria (CBN) which is the apex bank in the country as well as the regulator of all the banks and financial sector in the country has said that the biometric verification number (BVN) registration would not continue beyond the stipulated deadline. Given this, the Nigeria apex bank has urged Nigerians who have not done their BVN registration to do so before the stipulated deadline.

Khadija Kasim, the Deputy Director of Consumer Protection Department of the CBN  said during the one-day sensitization forum that the CBN expected all Nigerians banking with any of the Nigeria banks to get their biometric verification number before the deadline. She called on bank customers to ensure that they obtain theirs within the few days left before the deadline.

It could be recalled that the deadline for BVN registration was initially June 30, 2015. But the CBN extended it to the end of October following a massive complaints by many customers of the various banks in Nigeria that they were not able to register because enough time was not given.

Khadija who spoke at the forum said that the deadline would not be extended. She went on to throw more light on the essence of the registration saying that the exercise was aimed at complementing the cashless police of the CBN. Both the cashless policy and BVM registration according to her were designed to put an end to fraudulent transactions going on in the banking sector.

The forum to which she spoke comprised mainly government officials and representatives, farmers, bank chiefs, disabled people, representatives of different cooperative societies, students, small and medium enterprises (SMEs) and other members of the society.

Khadija mentioned in her speech that the cashless policy has begun yielding fruit as people were becoming used to it. The policy discourages the use of cash and encourages the use of automated teller machines (ATMs), point of sale (PoS) and internet banking across the country.

The cashless policy has not yet been fully implemented in the entire country. But as explained by Kasim, the policy was first implemented in some parts of the country that have large volume of cash translation such as commercial cities of Lagos, Aba and Onitsha and others.

At this point, Kasim showed the connection between the BVN and cashless policy. According to her, the BVN will make it very difficult for people to carry out fraudulent transactions using their accounts because it would be easier to trace the owners of accounts with fraudulent transactions. This will help to reduce money laundering and fraudulent transactions.