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CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today - Business - Nairaland

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CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Adesiji77: 9:27am On Jun 30, 2015
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

3 Likes 6 Shares

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by mistabiola: 9:28am On Jun 30, 2015
That's true but they won't have access to online transactions, ATM and blah blah blah


The crowd is unbearable!!! Ouch

1 Like 2 Shares

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by glimpse33: 9:30am On Jun 30, 2015
Personally, i think this BVN stuff is evil. I refuse to get the mark of the beast! lipsrsealed

Na olidara sure pass!

38 Likes

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by micronut(m): 9:30am On Jun 30, 2015
ok... but ATM must be allowed too.
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Barselonia(m): 9:32am On Jun 30, 2015
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... grin angry

23 Likes 1 Share

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by aaamos(m): 9:33am On Jun 30, 2015
x

1 Like 2 Shares

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by msmon(m): 9:33am On Jun 30, 2015
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
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by fpeter(f): 9:33am On Jun 30, 2015
nothing will happen,pls

1 Like

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by nerodenero: 9:33am On Jun 30, 2015
Currently, only about 14 million out of about 76 million bank accounts have so far complied.
Extension is inevitable.

41 Likes 1 Share

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by yorke1: 9:34am On Jun 30, 2015
I was at home and they brought their equipment to register me. Its unusual right? I got so much money in my account.

1 Like

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by mencade5(m): 9:34am On Jun 30, 2015
i have bvn for my gtb but not for my first bank account. so no wahala

3 Likes 1 Share

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by 5p1naz(m): 9:34am On Jun 30, 2015
What happens to Nigerians outside Nigeria with acvounts in Nigeria that rely solely on internet banking. Is there provision for them?

11 Likes

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by cmoneke: 9:34am On Jun 30, 2015
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

1 Like

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by jamesbridget13(f): 9:34am On Jun 30, 2015
okokobioko
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Hysmady(m): 9:34am On Jun 30, 2015
Thank God I've done mine since February! But am yet to be given the card itself...no running around in die munite grin
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Esperooke(m): 9:35am On Jun 30, 2015
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
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by bablong(m): 9:35am On Jun 30, 2015
Warefa

undecided undecided undecided
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by MKO4ever(m): 9:35am On Jun 30, 2015
Na lie, dey will still extend the deadline

6 Likes 1 Share

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Precious91(m): 9:35am On Jun 30, 2015
Berra
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by chiangyokay: 9:35am On Jun 30, 2015
Hmmmm...
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by roycegabby(m): 9:35am On Jun 30, 2015
Yinmu undecided
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by richyfunky(m): 9:36am On Jun 30, 2015
Nigerians and fire brigade approach

2 Likes

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by rmoses17: 9:36am On Jun 30, 2015
YES O
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by gbaskiboy(m): 9:36am On Jun 30, 2015
I crossed my two legs

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

6 Likes

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by AbdulAdam56(m): 9:36am On Jun 30, 2015
INTROVERT not yet here.
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Dgunnerz(m): 9:36am On Jun 30, 2015
micronut:
ok... but ATM must be allowed too.
Why should it be allowed? It is electronic and everything e- must be restricted!
Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Badosqi(m): 9:36am On Jun 30, 2015
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!!!

1 Like 1 Share

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Nobody: 9:36am On Jun 30, 2015
grin angry

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

2 Likes

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Faraidi(m): 9:36am On Jun 30, 2015
Barselonia:
Okay
fuc.k them,as long as I can use my ATM other thing is bull sh.it.

1 Like

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Ucheosefoh(m): 9:37am On Jun 30, 2015
I don't care so far I can pay in money and receive to hell with their e banking

1 Like

Re: CBN Says Account Holders Can Access Cash As BVN Deadline Ends Today by Nobody: 9:37am On Jun 30, 2015
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?

3 Likes

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