The Central Bank of Nigeria (CBN) has clarified that the Bank Verification Number (BVN), introduced to Nigerian banks in 2014, has no expiration date, contrary to misinformation circulating on social media.
Videos had surfaced online, claiming that BVN enrollees from 2014 would need to re-enroll in the program next year as the BVN expires after 10 years. The videos suggested that due to potential changes in facial features, names, and addresses within the 10-year period, bank customers would need to re-enroll for a valid BVN.
However, the CBN has issued a statement through the Acting Director of Corporate Communications, Dr. Abdulmumin Isa, stating that the BVN has no expiration date, and the bank has no plans to require re-enrollment after any set period. The CBN also noted its attention had been drawn to reports suggesting the BVN has a 10-year expiration, but these reports are incorrect.
The BVN issued in Nigeria has no expiry date. Once a customer’s biometrics have been captured and enrolled in the Nigeria Inter-Bank Settlement System (NIBSS) database, the BVN remains for life. #CBN #BVN #NIBBS pic.twitter.com/9HUCHzCCL6
— Central Bank of Nigeria (@cenbank) May 11, 2023
The statement partly reads, “contrary to these claims, we wish to clarify that the BVN issued in Nigeria has no expiry date.
“Once a customer’s biometrics have been captured and enrolled in the database of NIBSS, the BVN remains for life. However, the Regulatory Framework for BVN issued by the CBN in 2021 stipulates that customers can only change their records due to certain conditions spelt out in the document and after being cleared by relevant authorities.
“Therefore, we urge bank customers in the country, especially those whose biometrics have been captured by the system, to continue using their unique identifiers as they last their entire lifetime.”
CBN, however noted that they have encouraged the enrollment of customers data in the informal sector in order to improve access to the amount of money that can be borrowed by eligible customers.
“We have continued to support the aggressive enrollment of prospective banking customers in the informal sector onto the BVN system. The BVN is supporting the development of credit profiles for banking customers, which will assist in improving access to credit for credit-worthy borrowers by banks,” CBN added.
