Sunday 13, August 2017 by Georgina Enzer

Central Bank of Nigeria gives OFIs new Bank Verification Number deadline

The Central Bank of Nigeria (CBN) has extended the deadline for registration into the Bank Verification Number (BVN) project for Other Financial Institutions (OFIs) to 31 December, 2017 from the original deadline of 31 July, 2017.

The Central Bank of Nigeria is in the process of capturing the biometrics of all banking customers, after completing the process in commercial banks, in an ongoing effort to unify banking system operations and ensure proper identification for all banked Nigerians.

Effective 1 August, 2017, all customers that do not have a BVN number registered to their account will no longer be able to withdraw funds. In a statement, the Director of OFIs’ Supervision Department at CBN, Tokunbo Martins, warned that there may not be any further extensions to the deadline.

OFIs must also ensure that they use utilise appropriate Know-Your-Customer requirements, sustain progress reports to CBN, sensitise customers on the need to comply and continue to display the notice in the banking halls.

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