Contrary to the claims by Deposit Money Banks (DMB) that there would be total restriction on accounts without Bank Verification Number (BVN), after the deadline today, the Central Bank of Nigeria (CBN) has clarified that account holders can still have access to cash transactions while the e-banking transactions would be restricted.

The BVN is an initiative of the CBN and the Bankers’ Committee, launched on February 14, 2014. It is a unique identifier for each bank customer across the financial industry, making it possible to build and track customer financial history and activity.

The CBN had last year issued a directive to all banks to ensure that their customers register for BVN before June 30th, 2015, so as to protect all e-banking transactions from fraudulent attacks.

Meanwhile, the Apex bank has said there would be no extension of deadline and that enough time has been given to customers to enroll for the BVN.

A visit by BusinessDay to some banks operating in Lagos revealed long queues of customers in the banking halls rushing to enroll for the BVN before the deadline.

Before now, messages hasdbeen flying from Deposit Money Banks in the country warning customers about account restriction after the June 30 deadline.

A text message from one of the banks read: “dear customer, accounts without BVN will soon be restricted. Enroll for/submit your BVN at any branch from Monday to Saturday”.

There had been claims that 62 million bank accounts may face restriction for failure to register. Reacting to this, Ibrahim Muazu, director, corporate communications department, CBN, said this was an exaggeration. He noted that many individuals and corporates do have more than one account and some in two deposit money banks, for example current, savings, domiciliary among others.

“Holders and a person requires only one BVN linked to all his accounts in any number of banks”, he said in chat with BusinessDay.

“Without BVN, you still have access to your cash but services/facilities (internet/mobile banking, loans etc) will have some restrictions”, Muazu said further.

Currently, only about 14 million out of about 76 million bank accounts have so far complied.

Seyi Ademosun, project manager, BVN, Nigerian Inter-bank Settlement Systems Plc (NIBSS) last week said the number of registered customers has been projected to increase to 20 million by the end of this month.

http://businessdayonline.com/2015/06/cbn-says-account-holders-can-access-cash-as-bvn-deadline-ends-today/#.VZJSVvlViko Cc: lalasticlala

That's true but they won't have access to online transactions, ATM and blah blah blah


The crowd is unbearable!!! Ouch

Personally, i think this BVN stuff is evil. I refuse to get the mark of the beast!

Na olidara sure pass!

ok... but ATM must be allowed too.

No do no do ooo
No do gragra fowa je......

U Dey fumble, I Dey look, I no talk
U Dey demo,I Dey look, I no talk.....

Kuku go radio say u b BVN, Mr CBN..... ( lagbaja voice)

ABEG parkwell
Ontop my money....

No be to close my account, collect my money and open another account with all d Provessel on standby mode...

x

Thank God I did mine at a very convenient period. I learnt my lesson during the National Identity enrollment.






[size=18pt] Nigerian Newspapers: 10 Things You Need To Know This Tuesday Morning[/size]
https://www.nairaland.com/2415983/nigerian-newspapers-10-things-need#2415983.5

nothing will happen,pls

Currently, only about 14 million out of about 76 million bank accounts have so far complied.

Extension is inevitable.

I was at home and they brought their equipment to register me. Its unusual right? I got so much money in my account.

What happens to Nigerians outside Nigeria with acvounts in Nigeria that rely solely on internet banking. Is there provision for them?

Adesiji77:


http://businessdayonline.com/2015/06/cbn-says-account-holders-can-access-cash-as-bvn-deadline-ends-today/#.VZJSVvlViko Cc: lalasticlala

Is like u no more abt bvn pls do any body no hw to get my bvn. Num online I have done the biomatrix since feb but till today they have not given sent me my pin hw do I get it un line house please help

okokobioko

Thank God I've done mine since February! But am yet to be given the card itself...no running around in die munite

It's better the restriction affect only online transaction, meanwhile, I will use other means for now, cos I can't stand the rigor of the mammoth crowd in the banks

Warefa

Na lie, dey will still extend the deadline

Berra

Yinmu

Nigerians and fire brigade approach

YES O

I crossed my two legs

Na wetin go happen to my 67kobo balance @ Diamond bank account

INTROVERT not yet here.

micronut:
ok... but ATM must be allowed too.

Why should it be allowed? It is electronic and everything e- must be restricted!

But ATM is part of e-banking. So what will now happen to my atm.

Okada....on my way to First bank
See crowd! Ewooo, 4k Atm, 4k BVN.... I am hungry, let me go and eat.


Aregbese pay my money ooo!!!

If na only e-transaction, no wahala. Most Nigerians don't use the e-banking platform.

Barselonia:
Okay

fuc.k them,as long as I can use my ATM other thing is bull sh.it.

I don't care so far I can pay in money and receive to hell with their e banking

Gbese Re O... I Did My BVN But I Threw The Number Away (That Was Late Last Year) (I Know Many Are GuiLty Of This)... WiLL They StiLL Give Me The BVN Card Without Me Knowing The Number?